After reading a few impressions, and using Fiio BTR5 for more than half a year (and being so unhappy with it that I relegated it to car use, in the meantime going through some other DACs) - I decided to order the Qudelix 5k and try it - particularly after reading that it was a Sony partner when implementing LDAC (this was interesting to me considering the HORRIBLE LDAC/BT performance on the BTR5)
In order to keep this this review concise, I'm going to simply expand each Pro and Con and elaborate:
PROS:
1) Best-in-class, refined sound quality and tuning
When doing a review, it's obviously crucial to have a reference or competitor to compare. In this case, it's none other than the BTR5. I got the Fiio more than half a year ago, and although I was excited initially due to the reviews and design - I grew to almost hate it really quickly - and i've been through 2 of them already. The BIGGEST issue I had with the BTR5 was the LDAC stability. When moving more than 4-5 meters from the source, and/or when going to the gym/biking/for a jog, and keeping my smartphone in one pocket and the BTR5 in another, it would simply be unusable - constant, constant cutouts. I've tried numerous suggestions and "fixes" online, I even exchanged it thinking it was a lemon - no luck, when it comes to BT stability in many conditions, the BTR5's BT implementation is in itself a LEMON. Another 2 things I never liked about it were the sound quality and heft.
The sound always felt blunt, with minimal tuning. It doesn't have the "refined" sound one would expect from a decent DAC, even tough it was rather neutral.
The design was also quite bad - in order to clip it on a shirt, you had to use the case, which was horrible since it already made a very heavy device for it's category even heavier and bulkier. And the disappointment was aggravated by the fact that the in-built mic sounded pretty bad, much worse than an in-line mic on a cable.
Enter QUDELIX 5K. I'm happy to report that in the past week since I got it, I've had 0 (ZERO) dropouts, even when using it on the bike or at the gym - either in a separate pocket than the smartphone or on the t-shirt collar. Besides that - the sound REALLY impressed me. Just to note - I have NOT played around or modified any settings, eq, etc - I just left it standard (DAC- Performance mode - not 100% clear what that means but it's the best setting).
To compare to the BTR5 - it sound MUCH more refined, wider soundstage, better extension. I was so unhappy initially with the BTR5 that I reverted to using the jack on my phone (Sony Xperia 1 mark2 - it has dual Cirrus Logic DACs + DSEE Ultimate sound upscaling AI tech) - though the phone had less power (which didn't matter for me since I've used 2 very sensitive IEMs - Campfire Audio Polaris 2 and Dorado 2020), the sound from the phone had more heft in the lower registries and better separation (which amazed me). I ended up getting a Dragonfly Cobalt for PC use, which was closer (but a bit better) than the phone output.
As far as the QUDELIX 5k - I can say without a doubt that it sound MUCH better than the BTR5 - not a BIT but MUCH. Also, compared to my Xperia 1 II output, it also sounds wider with more headroom, and it's VERY VERY close to the Dragonfly Cobalt, which costs 2.5 times more (the Cobalt has slightly better top-end extension and separation, you have to REALLY listen to it to realise). Suffice to say, I've already sold the COBALT since I have no use for it anymore.
This is valid for both LDAC sound quality, and USB-DAC sound quality, vs the BTR5. I know some people pointed out in some reviews that on the spec sheet, the BTR5 has some dedicated USB controller. How does that help? I don't know, there's no point for a "spec" since it doesn't translate in actual performance. Same story with measurements. I turst what I hear - the BTR5 with it's advanced USB Controller does NOT sound (at all) as good and refined as the Qudelix 5K when used as a USB DAC.
2) Excellent LDAC stability, even at max bitrate (990 kb/s)
Not much to expand more here - as stated at 1), it is absolutely excellent when paired with my Sony Xperia 1 II
3) Lightweight + compact size, in-built metal clasp
This is a HUGE plus, especially over the BTR5. I can now easily clamp it to my t-shirt collar when doing sports activities, and this is all I really needed (as stated before, the BTR5 with the clasp-case was huge and very heavy). This way I can use whatever cable I want, even experiment with balanced, since I'm not forced to use a cable with in-built mic mmcx cable to be able to take calls with the BTR5 - and then when I "jailed" the BTR5 in the car stereo, in order to take calls with my phone (since Campfire Audio headphones, besides the Comet, don't come with a mic), I had to buy a new cable with in-built mic.
4) Very solid app with "transparency" mode and parametric EQ
There is not comparison with the "basic" Fiio app here. The app si excellent and lets you adjust a lot of things. 2 very crucial features, which you cannot find on many (or any?) other such companion apps for BT DACs are the Parametric EQ (I don't need it at all, but some might, it can even transform certain headphones that have issues), and the Transparency mode, AKA "Mic Pass-Thru" (which is amazing). Basically this is like any transparency mode that you can find on most NC headphones (like Sony, Bose or Apple). It lets you adjust how much sound to let through, and is VERY useful when going for a run, on the bike, or even in airports when listening for announcements (this is complemented by the fact that it's light-weight with in-built clasp and can easily be clamped to the t-shirt collar or such, even when doing sports). One small criticism here is that it doesn't seem to work if there's no music playing through the headphones - this is a small minus, and Qudelix should add the feature to always keep the transparency enabled, even if no music is playing - it can be very helpful.
5) Heaps of power for it's class, price and size
Not much to comment here - just check the specs. It has huge gusts of power (more than the BTR5). If you have smth hard to drive, this is your device. Not me though, my IEMs are quite sensitive and low-ohm.
6) Excellent Built Quality
Same here, not much to comment - even though it's plastic + metal clasp, the built quality is very SOLID. The BTR5 is also very well built.
7) Great mic quality
This is a huge + compared to the BTR5. The voice simply comes across as much cleaner and clearer, and you can even adjust it in the app. I can finally buy better cables (balanced also) and experiment without losing the call functionality like I did with the Fiio due to it's bad BT connection and mediocre MIC quality.
8) Great battery life
Simple - I get 1.5-2h more than the BTR5 on Performance + LDAC. that's around 7 hours vs 5.5 (BTR5). This is a straight forward PLUS.
CONS:
1) Buttons a bit flimsy/easy to press + weird location
It is what it is - even though the design is "cute" and the opposite red and blue led for each button looks nice (like a mini Blade Runner hover-police car), they are basically rocker buttons, and they don't have a lot of resistance when pressing - accidental presses are quite easy unfortunately. The location is also not great (on the top corners of the device...why??)
2) No display or button indicators
I personally don't care much for a display since I don't really need to look at it (and eats a bit of battery), but this is simply a feature that is absent on the Qudelix, but is present on the BTR5. Also, it has no button indicators at all.
3) Not water-proof in any way
This is not really a FAIR minus (no other device has IPX rating either, in this category, at least as far as I know) - but considering one of my use cases is doing sports with the Qudelix attached to the t-shirt collar, it gets touched by sweat from time to time, and sweat-proof rating would be a huge addition for reliability and longevity.
4) Although the packaging is nice and unique, a more premium unbox experience would go a long way for brand-awareness
I mean...look at it

) Check more online photos. Yes, there is some innovation there as it's sort of a origami-type technique to make the box so small, it doesn't really scream "cheap" - but having a much nicer box with some extras inside is what many people enjoy when getting a new device and unboxing it, it makes the experience memorable, and it's a very useful marketing tool for companies that want to build customer retention.
It can be argued that this is cost-cutting decision, and it can be justified, considering the device cost is in-line with the Chinese counterparts, but this is built in Korea (higher production costs). But considering the advantages, I think asking for 10% usd extra and shipping it with a premium box would go a long way and would help Qudelix more in the long-run.
5) OTA software update has some issues
This is something that needs to be fixed URGENTLY by Qudelix. Basically, in order to not have a FAILED update, you need to keep the screen open and the app in the foreground during the entire process. Switching out of the app or letting the phone go into idle mode (screen off) instantly freezes the update process, and you need to either repair or reinstall the app. Frustrating. On the other hand, it's not a minus vs it's direct competitior, the BTR5 - that one has no OTA update (as of yet) and needs to be updated in a very "oldschool" manner using a PC, and that also means you need to check the support page on the FIIO website from time to time to even KNOW if there's a new update. The Qudelix app instantly notifies you when there's an update.
6) No way to configure buttons and no way to access smartphone Assistant (Google Assistant/Siri/etc)
I consider this a big functionality omission by Qudelix. Almost every other product in this category (BTR5 included) has a way to map a button to be used as the Assistant activation in order to easily call someone when doing other activities (for example). NO such option on the Qudelix, you can't even re-map the buttons. I really hope this can be added in a future SW update - QUDELIX - PLEASE ADD ASSISTANT BUTTON MAPPING OPTION! 10X!
And that pretty much wraps my review. For reference, this is the gear I've used in this comparison/review process:
Sources: Laptop (USB) and Sony Xperia 1 mark2 (LDAC BT)
DACs: Qudelix 5K (duh!), Fiio BTR5, Audioquest Dragonfly Cobalt (sold)
Headphones: Campfire Audio Dorado 2020 (main), Campfire Audio Polaris 2 (for sale), Sony XBA-N1AP (sold)