A review by my friend on Audio Garden. It is in French. His conclusion is more or less:
Plus:
- Sound is top tier, up there with the best (AK, Sony, Cowon), clear, clean, dynamic as ever, neutral
- Ui is very good and quite fast
Less good: a bit large, no play store, only one SD
In conclusion, great package, not as good price quality ratio as the X5III but significantly better sound wise. The best choice for those valuing sound above all else.
http://blog.audiogarden.fr/home/test/ibasso-dx200/
I only demoed both DAPs briefly, and while I completely agree with the DX200 review, the X5iii had a very different signature, that I wouldn't rate as inferior or superior.
Taste as always, but I found the DX200 mids a bit too polite (backseat style, as explained in the review), which is similar to what I experienced when demo-ing the LPG (which otherwise impressed very much with its very strong bass and treble). Otherwise, the DX200 experience is great.
In the X5iii, I found back what you typically get with AKM4490: strong mids, with forward vocals, which I tend to favor. The main difference with other AKM4490-based DAPs is mostly a signature which is less warm (Cayin N5/i5 are typically warmer).
So it's obvious that most people won't love both DAPs equally given their differences in sound signature.
Currently, in the absence of additional amp sections, the DX200 is not extremely well-priced, mostly because it lacks either more internal memory or an additional memory slot to be an actual TOTL.
The X5iii is indeed much better priced when considering how well equipped it is.
And if FiiO could actually make an Android-based DAP with 2 slots, I'm still wondering why most manufacturers went from 2 slots to 1 slot for their flagships while not becoming more generous with internal memory. Anything with less than 256Gb internal memory + 1 slot is not going to help storing a complete library, even less when it includes some hi-res files...
Currently it seems that only A&K and Sony are able to source/use 128/256Gb modules easily, most Chinese manufacturers seem to use 32/64Gb, which only works out if you provide 2 slots as a compensation. I don't know how good 3G/4G coverage is in China, but here in Europe, streaming is not a viable option even in large cities and especially indoors, so we need capacity!
With 128Gb internal capacity or 2 memory slots, the DX200 would have been much, much better positioned. It is otherwise a beautiful DAP.