Just received my PHA-3 and I'm surprisingly impressed with the improved sound signature compared to my previous PHA-2 using my Shure SE846s. Not sure if it's due to the balanced mode, the different cable (Moon Audio Black dragon) or just the PHA-3, but it does provide a major upgrade in SQ imho.
More space, more definition and separation between the instruments. Bass is tighter.
Happy camper so far.