Got mine today. I'm currently listening to it (while doing some DIY at home, so nothing critical).
Build quality is in absolute terms OK, and in relative terms spectacular (I find 99% of audio equipment badly built relative to the price). All the other DACs I've tried are rubbish in comparison.
Operationally, it's a zillion times nicer to use than my other DACs. Example : I hate the volume control on the Benchmark DAC2 for many reasons (play in the mechanical system, noisy, slow, incomprehensible memory behaviour when switched on / off, impossible to see the volume in the dark, sticks out too much) - none of these problems on the Invicta. Being able to control playback on a mac via USB is monstrously brilliant (can't figure out why no other company is able to do it, I'd say it should be USB DAC 101). The UI would benefit from a little bit of thorough thinking though. It's hard to predict what button does what in which situation, and all is a bit confusing. My experience with a Phonitor also makes me strongly dislike equipment with vents on top. Yes, it gets hot, but I'd rather them find any other solution than having vents at the top. I'll try later on to see if it pops or not when switched on or off.
The integrated HP amp is the first on a DAC / amp combo I don't dislike. I'll spend a little more time with it later on.
I haven't opened it yet, but I believe the transformer has been replaced in the new series.
So far, it's performing as I expected it to.