While I already owned a RIP, I recently procured a Meng Qi Please Exist 2 for another modular-based instrument.
For those interested, I have been A/B’ing the PE2 with RIP. They are very very similar in sound character and quality, but the PE2 has a slightly hotter output and seems to be a little more sensitive to saturation. I actually like the PE2 with its tiny bit of extra edge a little more than the RIP, while RIP is definitely smoother, which may be desired.
They both sound fantastic and do really well at glueing a patch, and sound much better as an output over the audio out from my Intellijel 7u case (which I’m now just using as a stereo effects loop).
In summary, if you really want that smooth Cinemag sound it’s worth the effort and cost, but Meng Qi’s custom designed transformers are dirtier and cheaper to boot. Differences between the two are subtle, but they are there.