I really like it. The NFB-3 is very clear and clean which allows all the little details to come through. I'd say it is pretty neutral which, personally, is exactly what you want from a DAC. Let the headphones and/or amp colour the sound.
I'm currently using my Matrix M-Stage as a preamp to the Mini-X. I found that even with the 1.25V, it was still a bit too much for just the Mini-X and the HE-500. I listen at fairly low levels and the mini-x just has so much power. What are you doing with the Concero right now and no preamp? Just using the software volume control?
The nice thing with going into the M-Stage first is that I can use it with my other headphones like the Q701 and SR80 and then just turn on the Mini-X and use the same M-Stage to control the volume there too.
I am using the Concero directly into the Mini-X so far (its output is 1.2V). Audirvana+ doesn't allow for volume adjustments with the Concero. I normally don't go above 9 o'clock on the volume dial. There is some variance on the HE-500 impedance out there, mine is at 53 ohm which is a bit higher than the specced 38 ohm which might help lower the output somewhat? My hearing is also not that sensitive to begin with if you look at my audiogram plots. But it was a lot more difficult adjusting the volume with a DAC that outputs the standard 2.0V.
I should add too that if you haven't done it yet, really do the grill mod to your HE-500s. The NFB-3 + Mini-X + HE-500 (grill mod) is a really great combo. The grill mod makes it sound like you have speakers on your head. Honestly I was surprised at the improvement it made.
I haven't modded my HE-500s yet, but I plan on doing the jerg pad and grill mods soon.