I can easily confirm that the USB Dac part of the HM 801 is not as good as its coaxial dac. The USB dac part is not any better than the USB dac from my Audio-gd Compass.
I will test HM 801's coaxial dac and player performance later; both sounded good with a brief listen, although the headphone out of HM 801 can not compete with Compass pre-amp to AMB M3 amp (to ATH-AD2000).
That said, I still like HM 801 as an all-in-one portable player/dac/amp and its good soundstage. HM 801 pairs perfectly with Yuin PK1 (no hiss). My Sleek SA6 (50 ohm impedance, 110 dB SPL/mW sensitivity) does hiss slightly with HM 801 w/o music, with music they work fine.








