I've been experimenting a little. I used an Ultimate Ears attenuator adapter and it removed most if not all the higher pitched buzzing. The rest is just typical white noise hissing. Granted this solution only works for use with higher powered amps. I had to crank my HeadAmp Pico up to 12 to 2 O'Clock positions on High Gain.
It could be that it is getting some sort of interference or ground loop from my HeadAmp Pico. I'm going to try with some other sources. I have an old Panasonic Portable CD Player and an iRiver iHP-120. I'll try some other combinations. I wouldn't write off the W-1 just yet. It's just too cool to dismiss. I must also stress that I'm weird. I can and will find any bug or problem with just about anything out of sheer dumb luck. So, my experience might not be the same as others.
-Ed