Through a strange turn of events, I actually have a new T. Bithead for the next few days before I turn it over to it's final owner.
Firstly, it does not have a line out in that the volume control cannot be bypassed. While plugged in through USB, it cannot be turned off - it draws power from USB and remains on with the battery on/off switch set to off, and draws power from batteries when that switch is reversed.
I don't think the T. Bithead competes with other $200 amps, or $200 DAC's. It is a different animal. It is not the last word at that price point in sound quality in either it's analogue circuitry, or the DAC circuitry, however it does offer a unique combination of features, size and flexibility at that price point. In absolute SQ, remember its analogue circuitry is that of the $149 T. Airhead, with the $50 providing you with the USB DAC functionality.
All that being said, I thoroughly enjoy the sound of this little box, and love the way it can be attached with 'velcoins' to the back of a computer screen for example. Regarding sound quality, it is a serious improvement from the previous model T. Bithead that I used to own. Firstly, with my 650 it never clips off USB power, which the older model did quite frequently. Secondly, the gain switch really does lower the noise floor considerably with IEM's. And finally, the crossfeed is more natural sounding, with much less bloat to the sound than before.
I really recommend it, but not for someone looking for the absolute best single component at the $200 price point, but for someone looking for the best blend of features and components at that same price point.