I just received mine today
First of all, let me just say that the new case is absolutely DOPE!!...Brilliant!!...hands down the best case that I ever get (IMHO better than my UE's 'metal' case, and even better than my MTPC's leather wallet), well done to include such a brilliant case...
Secondly, let me also say that this is also one of the best value IEM that I have, I bought the one with mic for $39.50 and despite of what I write below, this is to anyone who is still can't make up their mind, buy it...oh and did I mention how nice the case is? 
Now here is my take on it - (source is 320k mp3 from ipod classic, and itunes though Fiio E10)
- Soundstage is wide, though it feel 'distant', I can't really describe it unfortunately, but it doesn't really worry me to be honest...
- Volume is pretty low, on my ipod classic I normally set the volume to about 60% to 75%, but with R1, I have to turn it right up to about 90%.
- Bass - very nice, it sounds 'full', and quality wise IMHO is better than M4, though it is not tight, extend almost to sub-bass region, though not as low as Hippo VB
- Treble - very nice, no sibilance, and not bright at all.
- Mids - now this is where I am torn, it's not recessed, but for some reason, as I mentioned above, the vocals sound 'distant', almost feel like there is a short distance between the singer and the microphone. One song I always use to test the mids is called The Special Two, by Missy Higgins (one of my favourite song of all time), it's basically just vocal and piano - with M5, or even UE700, I can picture Missy is playing the piano, while singing, but with R1, it feels like Missy is singing, and someone else is playing the piano (if that makes sense?) - Sorry that I can't use the proper term and technical words to describe it

- Seperation is OK, not as good as M4
- Definetely benefit from amping
To conclude, again, let me say that despite my opinion above, R1 is one of my best purchase, and you guys who are still thinking whether to buy or not, think no more and buy it, you won't be dissapointed - overall, I think it's better than M4 and M5, and I actually prefer the R1 compared to my W3 or Silver Bullet, and the best of all, it only cost me $39.50...