Ok. I think it's time for some impressions. I have been listening to the Hugo for almost 20 hours since yesterday... and yes, world cup didn't even stop me.
First off, many thanks to Hugo and specially to Paul (maybe Mython too ;p) for letting demo this amazing piece of product. Really appreciated because I wished to listen to it long time ago.
In short, this is hands down one of best sounding DAC/AMPs I have ever heard. It really brings every single pair of my CIEMs to another level (there is no hiss for any of my CIEMs). The build quality is top class too.
Bass: very flat, well extended with super depth and control. Mython was right, the impact of the bass is crazy! it can surely make me feel the earthquake like bass line when paired with my K10, Roxanne, SE5, and even the NT6. The rumble is so great without going over. I guess this might the advantage of using solid state-amp. The bass feels really tight and solid. My K10 sometimes have slow bass which is a little uncontrolled on other portable sources, however I think Hugo solves this problem by providing a slightly quicker bass note.
Mid: very neutral and smooth. The vocal placement is actually a little more distant than neutral to my ears, but only very little maybe ~3-5%. This resulted in a greater sense depth and space, making the vocals very smooth and evolving (and not in your face). I remember seeing someone mentioned that female vocals are incredible on Hugo, this is so true, but the male vocals are not lacking at all. I really can't stop playing all my favorite vocal songs with my SE5. It's really so far the best combo I have ever heard, period!
Treble: very smooth and extended (obviously). I am actually with "Al" with this one, it's on the north of the spectrum, but I wouldn't call it bright, just super clear and clean. The treble combines with the mid and bass so effortlessly that it provide one of the most lively, dynamic and detailed sounding I have ever heard. The instruments are not only very clean, clear and layered, but also soooo separated. I can really hear every single one playing on its own. The detail level is insane, the music is presented in such a clean and transparent way, that I don't even need to turn up the volume like I did for other sources. I am perfectly satisfied with low-medium volume on Hugo. And also, the soundstage.... is really big!!! It really make my SE5 about 20% more spacious compared to my Anedio D2, which really surprised me. Hugo has also brought back the magic of K10 that has been missing since the Bristol show!
Overall I was truly amazed by how this small Dac/amp can produce such BIG, desktop-source level sound! It's very neutral with a touch of lively sound, and IMO all the portable sources I have used (DX100, 901, zx1, ak120 and etc) have troubles keeping up with it. I think Hugo pairs flawlessly with CIEMs that are neutral or on the warmer side of neutral. You might get a sense of brightness if you pair with bright CIEMs (specially with lifted lower-mid treble regions), but you still can not deny its technical ability and smoothness!!
I think I am VERY close to ordering one myself!!!!
Will update if I have more useful impressions. Now getting back to the Hugo!