I would like to share with my setup I have finally finished today:)
Headphones - HD650;) NEW
AMP - Fiio 12
DAC - Headroom Micro DAC ( Love these small boxes, my favorite would be NOS Audio alchemy Micro DAC )
CD Transport - Luxman ( I find CD transports superior to any other digital source and I had/have good few in my life )
IC - QED JP2
Coax - Audioquest Forest
One word - Happy!
Perfect synergy, dynamic, full bodied,sparkling and 3d sound. Very reveling with any recording. Can't see why some people find HD650 veiled. For me it sounds very similar to one of my speaker setups I had few years ago ( Totem Mite + Tube Amp - without going into more details ) Well, to be honest HD650 sounds like a reference pair of stand mount speakers.
Now, I can see that 650s need good matching and are very demanding when it comes to amplification, cable etc. And again same as stand mount speakers. Can't get off that feeling, the way they present music has its signature that could be easily defined.
I'm very happy with what I can hear now. Not sure where I could make an improvement now without spending few hundreds euro now. Next step would be getting signature sound similar to Magnepan ( Magneplanar ) Speakers with Audio Note Amp. I could imagine that HD800 would be a good headphone to start. But not now;)
Here is what my system looks now ( quality is not best its late and dark will make better one tomorrow )