OK, got my Pico this morning.
Plugged the cable into my laptop, Vista recognized it. Windows media player (running lossless) saw it. Clicked on one of my favorite albums, voila, instant joy.
Using UM2's, HD650's or Edition 9's, doesn't matter, this tiny powerhouse performs as advertised.
I won't go into great detail, but basically, I'm listening to the future of music. Iron_Dreamer's review won't get any dissent from me.
The Pico can't quite keep up with my big iron (see my sig), but it is close enough, it's almost scary.
BTW, there is no issue with bass on the E9's (as another had posted, perhaps in another thread), at least to my ears. Some albums the bass is a little fuzzy, but that, IMO is because that's the way it is on the recording. When the recording is right, the bass is right. As for highs, cymbals simply shimmer. Voices are excellent, with character and bite. Mind you the Pico is not broken in yet and there is sibilance on certail early poorly recorded albums (meaning Beatles).
I can pick up a tiny bit of tube like smearing, because of the upsampling or use of opamps, I couldn't say. On the other hand, instrument placement, sound stage and ability to isolate on individual instruments is right up there with the, oh let's say $1000 dacs. BTW, maybe I shouldn't have said smearing, maybe tube like rounding of edges.
Is it perfect? Nah, but what is? Yet, for the price I can't think of anything close, regardless of size. (And no, I haven't heard the Predator. It's simply getting difficult to keep up with the speed of technical progress. What a joyful problem.)
Bottom line, this little technical marvel lives up to the hype. (goes back to ripping the remaining cd's in his collection)