I have decided to keep the P1 and soon put the Hiby R3 II on the classifieds. The Hiby is faster to start up, however it has a slower UI navigation and less features. (no Android)
More importantly the sound of the P1 is a good touch more resolving, R3 II sounds a little too warm in comparison. Both have more than sufficient power for IEMs, but the Hiby has a little more juice I believe, at the cost of clean sound.
The best thing about the P1 is that removing my IEM from the 3.5mm socket while the DAP is still powered on, does not cause a concerning crackle in the drivers. This is a very annoying habit of the R3 II, which I am still unsure about if it could cause damage in the long run. Hopefully it has not already.
Otherwise, the Hiby R3 II is a great budget DAP. The P1 does play a much more sophisticated game, though. For the cost you get a good DAP with great specs where it counts (THD and SNR etc.) that competes way over it's price range. I am happy with this device.