Component Analysis
The audio circuitry is hidden by default under a cover, but this isn't thermally attached underneath and is purely there for aesthetic reasons. We can see the isolated audio section as well as the Realtek ALC4080 codec.
The pair of X870 chipsets sit relatively close together compared to other X870 boards we've seen and with a relatively small heatsink too, but that's the sacrifice you make in having three PCIe slots and four M.2 ports on the PCB in ATX dimensions. Next to the audio circuitry are the network adaptors with an RTL8126 for 5 Gbps and RTL8125b for the 2.5 Gbps port.
The Wi-Fi 7 adaptor isn't mentioned by MSI in any documentation, but is in fact a Qualcomm QCNCM865. There are no thermal pads attached to this one, as we've seen on other X870E motherboards. Interestingly, MSI has used a daughterboard to house the trio of I/O buttons and six of the USB 3.2 Gen 2 Type-A ports as well, with this PCB also housing the RTS5420 USB controller.
The reason for this seems to be the ASMedia ASM4242 USB4 controller, which MSI has passively cooled with a large heatsink that's separate to the main I/O heatsink that cools the VRMs. The daughterboard sits on top of this, but thermal pads do allow the USB4 heatsink to make contact with the VRM heatsink, otherwise it would likely cook itself in the bowels of the I/O shroud.
This layout likely meant MSI could also add the impressive nine Type-A ports to the rear I/O panel, giving it a good mix of Type-C and Type-A ports rather than either suffering due to the over inclusion of the other. This is perhaps one area that added cost is worthwhile, as the board will appeal to heavy users of both types of ports.