Hey Will, thanks a lot for announcing this drop and helping bring back the PM-3 sound. As a long-time PM-3 owner, I was very sad to see Oppo make that business decision to exit the personal audio space and discontinue all lines. I am very happy to hear they sold off the technology and someone else can attempt it. I think your headphones will be a huge hit.
But in the above bolded part, I personally got out of handheld amps and DACs because once I entered a noisier environment, I found 80% of the benefits I was getting from my bootstrapped kit were being washed out.
For sure, the sound quality was better, and for sure my Sony XM3s aren't technically any match for my PM-3s or IE-8s, and certainly not when fed via a handheld DAC+amp. But when I turn on the noise-cancelling on my XM3s, I can actually hear the music and turn the volume down. There's less outside interference. And there's something to be said for that.
Are there any plans to release a Panda with advanced ANC, so that we can get the best of both worlds?