I’ve jailbroken my 203 and redone the software with a the jailbreak on an M9702 clone (and I also have an M9203 clone that shipped to me with the current jailbreak). The 203 was the easiest, only requiring a USB stick. This is not for the faint of heart, however, and you need to pay close attention to instructions. Also, no need to pay for the jailbreak (Oppo-JB.com), as it’s been free and well supported for a long while.
I only felt comfortable changing the firmware on my 203 after I had practiced on the clones. If you want to keep your Oppo pristine, the clones are readily available and have identical performance (to me that is, sonically and video-wise), just no optical drive. They have the same Mediatek SOC that the 203/205 use and can even run original Oppo firmware. If you purchase them via the Spanish AV forum they even have warranties.
For those interested, very complete info (and support by a few experts) can be found in the “Free Oppo and Clones Jailbreak” thread at avforums.com. That is a very active thread and your questions will be addressed there quickly.
I did the jailbreak in order to stream native DSD from my SACD rips to my AVR. Being able to play ISO backups of my BDs and DVDs is also great. I also access my Plex-served FLAC and mkv collection; that does not require the jailbreak (but does not allow gapless). I use a Linux-based NAS that I built to provide data over my network via NFS (SMB works too, but NFS has better performance). The big driver for the jailbreak is to be able to do everything over the network; the original firmware allows a lot of functionality from attached USB storage.
Here are the features (though I notice it’s missing noting the ability to also play from CD and DTS-CD images):
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