So here are some quick notes before I get my Fiio E12 later this week:
1) Output 1 is louder, warmer, and has a smaller soundstage. Output 2 is tinnier, cleaner, and has a larger soundstage.
2) LF switch with Output 1 cleans up midrange and upper frequencies, plus boosts bass. LF switch with Output 2 does about the same thing but also boosts high frequencies instead of just cleaning.
3) SF switch with Output 1 boosts treble and then expands soundstage width. SF switch with Output 2 just expands soundstage width. But treble boost with SF switch with Output 1 is not as drastic as treble boost with LF switch with Output 2.
4) So if all of the above hasn't made it clear yet: Output 1 and Output 2 do actually output different sound. If sibilance is a problem, I think switching to Output 1 + turning off SF would help.
5) Output 2 with gain can cause the amp to clip at relatively low volume. When that happens, the amp protests with very unpleasant static, so I'd think... unless you are trying to drive some really high impedance cans, it's better to leave gain off. I get plenty enough volume from Output 2 without gain (42 Ohm headphones).
6) The soundstage width boost resulting from SF switch is very noticeable. The difference in soundstage between Output 1 and Output 2 is not very noticeable. But the difference in clarity between Output 1 and Output 2 is very noticeable.
7) Having the amp charged for 15 minutes allows it to keep singing (at max volume) for the next 4 hours. Continuously!
8) Bass boost from having the LF switch on is pretty drastic. It's almost way too much. I'm having a hard time listening to certain songs at high volume.
Edit: and the actual review will have to wait until I get the Fiio E12, of course. So this isn't a review. Just some observations. I'll throw in some quick comparisons with E11, E7, E17, E10, C421, and O2 as well... but take some of those with a grain of salt since they come from memory. (I no longer have E11, C421, or O2)
Edited by Bill-P - 1/29/13 at 2:34pm