Got my MS-01 up and running a few days ago and so far loving this system. I wasn't able to use the 9206-16e HBA, I don't think it was a compatibility issue, rather it seems the card was likely already dead, it was pulled from a DC several years ago and I never had a use for it until now. The MS-01 seemed to pick it up, but it was constantly resetting and overheated within minutes before starting to smell like it was going to let out the magic smoke lol. I have a 9300-8e card on the way, hopefully should have better luck with that.
As for the OS, I installed and booted into Windows Server 2022 and XigmaNAS just to test, but ended up going with Ubuntu 22.04 LTS. Something I was pretty happy about is that Ubuntu natively supports Thunderbolt Networking, which means I can run a USB4 cable between the MS-01 and my workstation for 20 Gbps connectivity. It works well once connected and configured, but I've had some issues where the Thunderbolt network interface does not come back up when disconnected and reconnected; not sure if it's something on the Windows or Ubuntu side. As for workloads I'm mostly running containers, but have a few KVM VM's managed through Cockpit. Performance is great, but I did experience a crash or two which I suspect may have been related to the E-cores since it happened when the system was under heavy load.