After reading the APEX Pinnacle review in TAS and also after reading Jason Stoddard's (Schiit) comments regarding balanced amplifiers, it seems unclear on what constitutes a real balanced amplifier.
First, given Jason's comments from the 6moons review on the Lyr: http://www.6moons.com/audioreviews/schiit/10.html
"... Just a few questions to ask are, is balanced gear simply converting the inputs to single-ended? Or is it creating the differential signal with a separate gain stage after the main one? There are a bunch of ways to do it wrong. Real balanced gear is differential all the way through without splitters and summers and other band aids. This means among other things a more complex gain stage, 4-gang pots and 4-pole input selectors. It's worth it though not just for the elimination of ground current effects but for common-mode noise cancellation - very very nice for headphones."
Next, here's some interesting Pete Millett quotes from TAS APEX Pinnacle magazine review (Issue 214):
""The amp is a two-stage, single-ended amp, with transformer-coupled balanced or unbalanced inputs and outputs"
"The input (balanced or unbalanced) is ... fed through a Lundahl input transformer that drives an unbalanced (DACT) stepped attenuator."
And a very interesting quote --
" He says 'the market for this type of equipment demands balanced headphone outputs. Personally I am unconvinced that they're better. In any case, I wanted a single-ended amp. I'm not a big fan of the sound of fully balanced headphone amps. Hence the transformers.' "
There are other quotes of interest, please see the article for yourself.
* However this is all academic as someone already previously posted, what's most important is how it sounds ... and the consensus seems to be it's an amazing headphone amplifier. 
Edited by USAudio - 6/15/11 at 11:26am