According to Stereophile, the STX has an output impedance of 10 ohms. I suspect that the D12 & P4 would have a lower (superior) output impedance than that, and my understanding is that this may help with your relatively low impedance headpones. For example, iBasso informed me that the impedance of the D6 is a fraction of an ohm in the audio frequency range, which is very good indeed. (you'd have to enquire with them to get the spec for the D12 & P4 though)
As far as I can tell, both the D12 and P4 have significantly more power/voltage than you need for your current headphones. There is absolutely no problems with loudness with either unit. However, if you ever want to use high impedance headphones, the STX may be able to drive them louder than either of those iBasso units, because the STX has a higher output voltage than even the P4: according to this Stereophile review of the STX: http://www.stereophile.com/content/asus-xonar-essence-ststx-soundcards-measurements it can go as high as 7.03V (I assume this is an RMS figure - it normally is. I have contacted the author and asked them - no answer yet). If the P4's specification is RMS, this means the STX could potentially be as high as 4dB more than the P4, although this is just in theory, and also, the higher output impedance of the STX would drop the level slightly. 4dB more isn't a lot - a 3dB increase sounds perceptually about 23% louder. (I don't know exactly how much louder a 4dB increase sounds - I have yet to find an actual formula - only a table) If the STX voltage measurement is 7V peak, then the P4 and STX would be almost the same - I calculate the STX to be only 1dB higher than the P4 in that case.
I urge caution with the iBasso power specifications though, because they may be quoting peak power, instead of the more typical RMS power. For example, for the D12, it would be impossible for it to reach 110mW RMS into 32 ohms unless it has circuitry to boost the power supply, or at least some way of extending the signal outside the range of the power supply voltage. (the Headstage Arrow amp does in fact do this, but they make a big song & dance about it, too). If it's a peak power, that means the RMS power would be half that - 55mW. Going from 55mW up to 110mW is a 3dB increase, which is only a 23% increase in sound level, so it's not as bad as the difference in power level would suggest.
For the P4, it would, technically, be possible for it to reach it's power spec of 600mW (RMS, if they mean RMS) into 32 ohms, but only when running from the 16V adaptor. When running from the 12.6V battery, it would not be possible. (again, unless it makes special provisions)
If you want to compare iBasso power specifications with typical power specifications from other manufacturers, I suggest that you contact iBasso and ask them for the RMS power, just to be on the safe side.
I can't tell you what you really need to know at the moment, though - how the iBasso units sound compared to the STX. ;^)
Greg.
Edited by skip129 - 12/25/11 at 3:21pm