Jeff Geerling (the Raspberry Pi guy) has the 12-bay. These are populated with M.2 slots on his. The 3 unpopulated pads are PCIe switches in his, still with the ASMedia ASM1480 MUX chips all over.
Indeed—for me, the main question is (with either model, but more specifically the 12 bay unit): can it saturate the 10 GbE port continuously, and does it have good low-latency access with reasonable storage configurations?
E.g. my use case is an edit NAS with 4x 1 TB NVMe drives (decent ones that are $99-150 per right now). So total system cost around $1000, which is quite a bit more than buying used gear (or even a mini PC) and a PCIe to NVMe card that bifurcates the lanes, and dropping FreeNAS or something like that on it.
The ability to throw in more NVMe drives is nice, though for me it's all about the latency—maybe the single 10 GbE port isn't enough or maybe it's perfect for the bandwidth required. Haven't done any testing mostly because I threw some drives in last night and ran into a weird issue in initialization.
I was a little surprised by the heat the thing pumps out through the side (the fan is nice and quiet, owing to it's large size), and saw it pulling 17.7W at idle without any drives installed. I would've thought the N5105 draws less than that...?
I haven't cracked open the bottom board to see what other chip is under a large heat sink (looks like maybe it's the 10G NIC... I saw a realtek chip for 7.1 audio, too, Realtek ALC888S.
I plugged in an HDMI display, but it shows the TianoCore splash screen logo, then a blinking cursor. I didn't know if it would be like other NASes with HDMI, where it displays a simple UI for media playback. But since I couldn't fully initialize the NAS, I'm not sure if there's more or not.