My only comment... Isn't Chicago's song supposed to be named: "25 or 6 to 4"?!?!?
Ok... carry on...

@Brooko, have you heard the DX90? is this similar, i know its all personal preference but to me the DX90 and the X5 are 2 DAPs to be reckoned with.

great review to!!

Thanks gents. The DSP is just my guess - but it's one thing that is noticeably different about the PONO and every other player I've heard. Howdy - haven't heard a DX90 sorry. If someone wants to send me one, I'll review it though. @Gelocks - I'll have to look into that. I ripped the CD and auto tagged it when I got it. Might need to revisit that one.

@Brooko : Thank you Paul for a very education review, and I'm glad you used X5 for a comparison reference to put it in a better perspective!!!

"A83 IEMs and also the L3" do you mean the L2?
BTW, nice review as always!

Oops - typo!  Thank for pointing it out.  I've corrected it, and it was the L2.

really a nice and thorough review..
but from the latest update firmware allow it to play DSD files natively instead of converting it into PCM..correct me if im wrong..thank you.

Really not too sure on that one - I'll ask in the PONO thread.

Excellent review- and I got a credit in the 2nd paragraph!  Look Ma, I'm a star.  
 
I agree that the X5 has more timbre when using a single-ended iem.  The Pono has a flat eq (intentionally so).  The Pono has more going on in the upper reaches, which is what I like about it.  However, put a balanced cable on the A83 and look out, the sound really fills out.  Same with my Shure 846, though the change is less dramatic.  At that point the Pono pulls ahead, sound-wise.  The X5 has a lot more features when compared to the Pono.  And needs to be recharged a bit less frequently.  But, for me, the sound of the Pono is enough better (different) to make it (to me) worthwhile.  Price-wise they are about the same.   Either way you get a really good player.  
 
Oh, and the DSD playback is supposedly "real" with the new Pono firmware, not down-sampled as it is in the Fiio.  
 
And, of course, it looks like a candy bar.

Thank you sir

Very thorough and fair review, thanks for posting!

Hi Brooko, I enjoyed reading this review, but I have to take issue with you not listening to the player in balanced mode, which as you mention is one of its key features. Nearly everyone who has tried balanced mode reported a SQ improvement. So your conclusions seem to be a bit premature. 

@mink70 - if you check my profile, I have no balanced topology gear, no balanced cables, and this was a loaner unit.  Feel free to "take issue" with the fact that I wasn't able to test it in balanced mode - but I wasn't going to purchase a balanced cable for the sake of a single review/comparison, when it was unlikely I would use said cable again.  Trust you understand.
 
One other thing - I have yet to see any review of the PONO where in comparing balanced vs single ended they have properly volume matched (with a calibrated SPL meter), so I treat any and all comparisons of Balanced vs SE with the scepticism I feel it deserves.  The only evidence seems to be anecdotal.
 
Some may think my conclusions are premature.  I can live with that

I'm on my second Pono; I lost the first in a cab - don't ask, but fortunately I was sensible enough to join the kickstarter and get 2 Pono's 
I have had a few hi res music players, (only been in the game for the last 3 years or so) Fiio X-1, Fiio X5, a Shozy Alien, and my beloved Colorfly C3 
The Pono, after a full 100 hour burn in, at least to me; destroys all the mentioned DAP's - I just can't stop listening to it. The sound is so clear and with such  a wide sound stage. I've definitely had the Pono smile on more than 1 occasion
That being said, I want to hook the Pono up to a decent  but reasonably priced Home Hi Fi and speakers (I have none at the moment) - any suggestions for a good pairing are appreciated - price range around US$10,000 absolute max - i'd prefer less though - thanks in advance

OK - at 10K you're batting way out of my league
 
First place I'd suggest you maybe start would be the high-end forum, or maybe the PONO thread itself. I wish i could help - but I simply have no experience at this level.

Charles Hansen of Ayre, who designed the Pono, has said several times that there's no DSP or crossfeed of any kind in the player. What you're hearing are your recordings. 

No DSP.  Let me repeat, no DSP.  Charles Hansen has stated this numerous times.  The Pono has some interesting wiring and capacitors and other magic that creates its sound, but no DSP.
 
As to the sound, IMO the Pono has better mids and trebles than does the X5, although the X5 has a bit more bass (which you found as well).  This was listening with my A83 in single-end.  After I got a balanced cable for my A83, the differences between the X5 and the Pono were even more obvious, with much more timbre and bass now being present.  I got a Shure 846, running it with the balanced cable, and the Pono was even better.  I sold my X5.  And, previously, I loved my X5.  

Thanks gents - I know the recordings well - on various sources. It's not the recordings. It's the particular presentation/coloration of the PONO. Doesn't matter if it was DSP or not anyway. The important thing was that I did like it.

Olddude - pleased you like the PONO over the X5. The battery still kills it for me personally. Plus the X5ii has been tuned to give a similar type of spaciousness and vitality to the sound. I have no need for balanced operation - so I think at this stage I'll stick to the X5ii

You know I loved my X5- until the Pono came along and stole my heart.