Ugh, 1.2.2 sounds the best...I want to shoot myself in the head instead of dealing with this buggy firmware, but that might damage my hearing. I'm pretty sure I skipped this one initially. The price one must pay for audiophilia...
Best vocals by far, a tad warm, but very large soundstage and extremely detailed. Lacking the midbass hump of 1.2.5, but has a lot more...hmm, soul(?) than 1.2.6 and despite the warmness, is not muddy like I found 1.2.7 to be. I can really crank 1.2.2 because it's so relaxed. Euphonic is what I would use to describe it, even though it isn't quite perfect. I will try it tomorrow on my Magni at my office setup, maybe the warmness comes from the Lyr. Magni has issues with harsh vocals/treble, I am curious to see how the firmware change affects that issue. I suspect a more neutral amp will help things out here. The sound is warm, not muddy, if that makes sense. Songs with backup singers are really well-done on this one.
So that means, excluding 1.2.3beta, my favorite firmwares have gone in reverse order. 1.2.2 being the best (for reasons above), 1.2.5 adding a midbass hump (that doesn't bleed into the mids), but also worse vocals and some sibilance (minor quibbles), 1.2.6 being clear and analytical, but lacking the soul of the previous two and I still haven't bothered with 1.2.7 since my initial sour impressions and because I have been enjoying 1.2.2 too much.
Again, settings are as followed: Coax out into Peachtree DacIt into Lyr (Siemens tubes) with Mad Dogs. EQ has 30hz band minimized, everything else in the middle.
Ibasso, if you are reading this...PLEASE COMBINE 1.2.2 SOUND WITH 1.2.7 FUNCTIONALITY FOR THE NEXT FIRMWARE! THX!