I just got one of the Lepai amps. I already had a decent-ish set of bookshelf speakers (the infamous Insignia NS-B2111), so I just got the amp. So far, so good. The one thing about it is that it can't go very loud without distorting--with both Master and Wave set at 50% on the rather weak audio output of my netbook, a 440Hz sine wave normalized to 0dB begins distorting after 12 o'clock. And not the good kind, either. Biting, digital distortion. Theoretically there's more headroom there because music isn't a constant 0dB signal, and since I'm using it for near field listening, it isn't a problem. It's not going to fill a decently sized room, though, unless you've got really efficient speakers.
I think it sounds quite nice for all that, and at the volume levels I use it at it's silent when not playing music. I had to EQ a little bit for the little nook where I do my listening (basically getting rid of some ~120Hz resonance), but that's certainly not the amp's fault, and together it's a nice little system. I sticky-tacked the amp to my shelf so it doesn't move when I use the controls, and that works great to keep it from skittering around. The tone controls are useless--as mentioned above just activating them lowers the level and colors the sound, even when both of them are at the "neutral" position. It also seems to mess with the imaging, though that might just be an effect of the lowered level. Also, they put treble on the left and bass on the right. Okay, not sure why they violated over 50 years of integrated amp/receiver precedent, but whatever.
I haven't been doing much listening on speakers these days, now that I've got nice headphones. Also, I'm spoiled--the Insignias do have lovely imaging (they always did), but they leave quite a bit to be desired in every other respect compared to my headphones. I feel like I do when I'm not wearing my glasses whenever I listen to them--like I can see the bigger picture, but all the detail is smoothed over. I guess I'd better start saving up for a proper pair of passive monitors if I want to improve on this.