Did you take a look at the Vibe FM Mk1? - it might be a better option for you, not sure if I will go for it yet, I’ll probably settle on the m-vave for a while, see how things pan out, and then maybe go for the Vibe or one of the probably other devices built on this chip later. The lack of TRS midi out and small screen are my main problems with it, but £45 is a night at the pub, so can’t complain.
I had all Digis (including Syntakt) and still have DN2, but I really didn’t gel with Models. I prefer FM1 to replace Model Cycle I recently sold (used 2 hours, didn’t make it after Syntakt, and screen isn’t better that FM1’s). Much bigger, no battery, not really better playability chromatically…
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What are folks favourite firmwares - Melodee looks pretty slick, the ability to load Prophet 5, CZ1 and DX7 sounds is pretty compelling, plus it has SID emulation.
Currently trying it out now, it sounds really good.
I’m trying to figure out which firmware I want to commit to once mine comes in next week, so I’m interested in this as well. It would be fun to “get gud” at one particularly powerful firmware. If, in the near future, I can squeeze out some reasonable modern-sounding UK Garage or clubby dance music out of what’s effectively a $60 impulse buy, I’d be pretty happy.
I always have this fun idea of showing up at a DJ/electronic event and doing a ripping set off of something I was carrying in a pocket.
Alas, in reality, it’s either taking my DJ gear, a USB stick if THEY provide the gear, or if I’m feeling particularly frisky, setting up my Elektron-based setup for a more “live” feel.
Side note, I’m not much of an ambient person, but I really do like AMB-1 and the ideas behind it.
Of course, as fast as everything is moving, the entire landscape of firmware for this thing could change in a week, especially with the official support and a much more advanced baseline firmware on the table.
That may be one of the big downsides for this sort of thing. Option-paralysis.
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Currently at 52 different 3rd party firmware options and rising. 
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One good thing is a lot of them can be tried in the browser, a lot of them have browser editors too, so you can try a firmware for a few days, save your stuff you created, then try a different firmware. So far I tried Baudgirl, Melodee, Felucca, Jiant, m-vave official, with definite plans to try others.
So far I think Melodee and Felucca seem more suited to me, they don’t have microscopic fonts like some of the others, and both give an excellent sounding and well featured groovebox. I have not tried Sloop yet, that seems to be very popular. I think I will definitely end up with a few of these because they are so much fun and sound way better than I expected.
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I’m most interested in the firmwares that focus on doing one specific thing, rather than the more complex grooveboxes. Like the new Obervave, which is just a synth, rather than a bunch of different engines.
I currently have Chordroot (Orchid knock-off) installed and it’s really nice.
Hortator is a nice drum machine, and I think the interface benefits from it being just a drum machine rather than a more complex groovebox.
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If there were to be a next device in this line of products, let us have an on-board storage mechanism for multiple firmware(s), i.e. hot swapping.
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While I tend to agree with this, have you checked Jiant? Seems like the possible exception to this sentiment, very solid. I haven’t tried it yet, just seen videos and listened alot.
(Shouts to @sezare56 for the tip)
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I was going to buy one of these when it was simply a tiny FM synth. Now I am positive I would spent countless hours loading firmwares and trying this or that without making any real music. It’s like a particular kind of hell for a GAS patient.
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A better type of GAS aswell that can cost you zero per firmware once you made the initial FM-1 purchase. Really cool, super excited to get mine!
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that‘s unless you take your gas seriously and get one unit for each firmware.
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Felucca is really nice, decent sequencing with conditionals, polymeter, parameter recording, and quite a good workflow.
Wait.
You make music?
Crazy.
All these updates make it sound like a seqtrak. Are there any firmware recommendations to just make it more like a model cycles, with no extra fluff? Just a multitrack fm groovebox essentially?
Also wondering if anyone can explain, was the original FM engine purely a software construction, or is there anything in the hardware that actually drives the original fm engine? Just trying to get my head around how this is all possible
Jiant FM.
https://youtu.be/V0hWbV5841c?is=hZP3M2vJUGfm0R32
OG engine is DEXED, open source DX7 engine…
It uses the JieLi AC7911B8 dual-core DSP chip, so yes everything is done in software, there are a few other emulations such as Prophet 5 which can even load original patches, not sure how close the emulation is as I never owned a P5, but it sounds pretty nice to me.
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Meanwhile the scammers try to make big money with FM-1: Prices between around 100 to 120 bucks incl. VAT and delivery. 
I’ll wait until the hype is over in some weeks or until a FM-1 MKII is released.
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Thanks, great intel.
Now if someone could mod the Mvave midi controllers to allow for multiple midi banks I’d be very very happy