Both drive all three very well. The difference is tone. The Formula S leans towards neutral, dynamic, resolving, open sounding, impactful bass and fast type of sound. The Luxman has a slightly warmer, fuller, dynamic, spacious, tube-like sweetness to its sound. It doesn’t lack dynamics or resolve it’s just have the crispness of the the Formula S. The Luxman is just smooth, confident, and begs to be turned up.
Both have good weight to the music. The Luxman sounds like it has more drive and feels more powerful even though they have nearly the same specs. I like the Luxman because if fills up each headphone with music. The TC‘s sound big, full-bodied, holographic, with tactical bass, lush mids and excellent clarity. The Formula S tends to stay rather transparent, not as full bodied, but it makes up for it with better attack and slightly faster transients. I like the Formula S with warmer sounding headphones, like the Diana V2’s and LCD-4z’s. The Luxman adds more depth and body to headphones like TC, Susvara’s, Utopia’s and headphones that are more neutral, brighter, and more airy sounding.
I love that I have two distinct sounding amps that serve two different purposes. Truthfully they both can drive everything headphone. They just differ in presentation but have all the sonic traits that make listening to music enjoyable.