I have reviewed the M9 and I thought it was an excellent DAP with a comprehensive feature set. My review can be found here:
https://www.head-fi.org/showcase/fi...i-res-music-player.23373/reviews#review-21384
I only had the M9 for about 2 weeks so that I could evaluate it for the review. I do, however, own a Hiby R3 and have been planning to post a review of that DAP too.
My personal impression of the R3 is that it's a better device all-around in terms of UI. Hiby's OS is leaps and bounds ahead of the FiiO software which is very capable, but a little clunky in comparison.
The only thing I miss on the Hiby compared to the M9 is Spotify. I'm hopeful that Hiby may add access to Spotify in the future, but not holding my breath. I'd actually love to see Hiby add Google Play Music to their streaming offerings but think this is unlikely too.
Anyway... the only other difference is that the M9 is a pretty warm sounding DAP, but the R3 is even bassier. I'd say if you want a player that sounds musical but close to neutral, the FiiO is that player. The Hiby player has a pretty heavy emphasis on bass and lower midrange frequencies and is the warmer sounding DAP when compared to the M9.
The R3, however, does have pretty extensive features to tailor the sound to your personal preferences. It's got an equalizer and so does the M9, but the R3 has something called Mage Sound Eight Ball which is a pretty effective set of EQ faders to tailor specific aspects of the player's sound. Instead of specific frequency bands, you manipulate sound characteristics like thickness of notes, and airiness of treble, etc...
I like the R3. Especially for the money. Sorry, FiiO.
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