Bloody hell! The new 2.0 firmware has the N5 nipping at the X5's heels.
The N5 is warmer than it used to be, with much better bass. That metallic sound I didn't like is gone! Their signatures are now VERY close to one another.
I feel the X5 is just a bit cleaner. Its depth is notably deeper, while its width is only wider by a very small margin.
Cayin's N5 is perhaps too much like the X5 for it's own good. Personally, I like warmer-sounding equipment... to a point. There are others, though, who prefer brighter gear. The N5 will no longer suit their needs. It's as warm as the X5 Classic now, while not quite matching it's sound quality.
It's bloody close, though. You take into account the superior build and dead-sexy look, and it's a mean draw. The Cayin N5 also has deep sleep like the X5ii.
I would feel confident recommending the N5 over the X5 Classic. Those who have the X5ii will need to make that comparison.
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Balanced out is still noisy. Perhaps it's less so than before... not sure.
What's super weird is that Balanced out has not been touched by the warmer sig that singled-ended now sports. It's every bit as bright as before. Still sounds pretty darn good, though. Unfortunately for Cayin, I must compare it to the Balanced-Out on my AK120ii, which is a much, much smoother, more natural character.
In balanced, using Angie, the N5 is so bright and detailed it gets a little sibilant on naturally bright records. This is not a pleasant experience for folk like me who are allergic to sibilance.