"As a DAC/amp combo (used to directly drive headphones), again, I prefer the Dragonfly to the Carat-EMERALD and HP-A3 for all headphones I've tried with all three of them. I have found that from the standpoint of directly driving several headphones I've tried with it, the Dragonfly is sonically comparable to directly driving those headphones from the likes of the Lavry DA11 and
ASUS Xonar Essence One (though with less overall drive than either), but not at the level of the Fostex HP-A8C, which is fast-growing into one of my favorite audio components, the new Fostex flagship being possibly the best of the DAC/headphone amp combos I've so far used. What's remarkable, though, is how well the Dragonfly holds its own, at its size and price. All things considered, it's nothing short of extraordinary.
Some of the over-ear headphones I've used with it so far include the beyerdynamic T5p, Sennheiser HD 650, Sennheiser HD 700, Sennheiser HD 800, HiFiMAN HE-400, HiFiMAN HE-6, Audeze LCD-2, Audeze LCD-3, and the Fostex TH-900. And I'll continue to use the Dragonfly with those, with the exceptions of the HE-6 and the HD 800. With the HE-6, it simply felt underpowered, which is not anything for the diminutive Dragonfly to be ashamed of, as many dedicated desktop amps shrink at the sight of this headphone. The HD 800 could be driven by the Dragonfly to volume levels exceeding what I can tolerate, but sounds rather dry in this pairing, relative to my favorite HD800-driving amps. With the other headphones, though, it's easy to find satisfaction, and I've already used it as a hotel rig with the Audeze LCD-3, and it helped keep me from missing my primary rigs while away... [Jude]
http://www.head-fi.org/t/617241/audioquest-dragonfly-review-affordable-outstanding-tiny-dac-amp