I have an MKIII. it's not fully burned in yet, but the line out shows some serious potential. I think as of yet I still prefer my upgraded Zhaolu 1.3, but with some more burn in the MKIII may take the preferred seat. The headphone out still needs some work, but Stanley is working on a better headphone amp. I love the source selections though!
I have a modded MKII (see my sig below for detail) and it's better than the modded Zhaolu 2.0 I had in the past. The headphone amp in MKII sucks...but I don't need it for that function. I only need it for the DAC and source switch function...which is just perfect. When used with SLA battery (with 3amp inline fuse)...it's better than (stock) AC power supply.