initial impressions (one hour burn-in) :
amps are Sony D11 headphone-out and my little desktop amp ( opa627->BUF634x2). phones are ER4P, then SM3.
With the transformers,
-- sound level antenuation: volume-10 (with transformer) has the same loud-ness as the direct-drive at "6".
-- no distortion even at volume-10. So I assume the core is large enough.
-- Mids are emphasized a bit, but not really a bad thing. The Vocal is a lot smoother than direct-driven. Pretty much no sibilance/glare.
-- recognizable treble lost, but just slightly, only noticiable upon quick A/B comparison.
-- recognizable micro-detail lost, noticiable when playing live concert recordings (gives a little less "live" feel). Not as transparent as the direct-drive. However it also masked a lot of "wild-ness", the final sound is not less pleasant.
-- bass texture slightly less visible. Total bass quantity seems to remaind the same, but the "flat"/"hard"/"dry" bass is gone, replaced with more round/full notes, much better to the ears.
So the verdict for now is:
-- bass: improved a bit.
-- mids and highs: different, not less enjoyable than direct-drive.
-- the over-all sound is more pleasant, especially for long-term listening. No fatigue.
One thing worth pointing out, though: the main purpose of using these transformers is to deepen the bass response of the amp/phone combo (say, a low impedance IE8 driven by an iPod will not give deep bass, the IE8's impedance is just too low for the iPod's internal output caps), and to reduce the hiss. But these benefits are not cashed-in with my test setup. None of my amps have hiss problem, even with the SM3. And my amp/phone combo's do not need bass response deepening ( the desktop amp is direct output, the D11 has 560uF OS-Con output cap which sets the corner frequency at 10hz with the 27 ohm ER4P). The advantage of using a pair of impedance matcher will be much more noticiable for DAP/IEM combo's with hiss or shallow-bass problems. It's said that the IE8 has too much mid-bass but not going deep enough, I wonder how much of that is due to the output-cap in the DAP being too small, setting too high a bass cut-off point.