No, it's not just headphones. U have a certain stage ur HF capable of, we can call it real stage and then there is a... let's call it virtual stage- an illusion of space created with mixing and mastering when record was made or by capturing sound right on stage(like some orchestra records), also stuff like reverberations, dynamic range of different sounds n so on, so when it comes to virtual stage it's up to ur hardware to produce and present it to ur HF so they can present it to u then with their real stage and other characteristics. And cos it's basically just an electric signal created with instructions that is digital code, that is a digital audio file, the quality and representation of what actually was recorded(mixed n mastered) depends on ur DAC, AMP(digital filters, codecs n so on) and the way and materials it's all wired with, the better this stuff is, the better ur player is. Cowon d2 is worse then Fiio X3 cos it's different DAC, AMP and so on... And due to recorded sound not being real sound, but clever trick to reproduce what ones was real by turning it to an electric signal that causin all this vibrations in certain frequencies each piece of hardware has it's own representation of it, again due to each piece of hardware and software being different and cos virtual scene is more of an illusion, hardware(stuff like audio capacitors in ur amp affecting ur stage more noticeably) has a pretty significant effect on the way it presented.
I tested and compared extensively. "Onnin" n "Offin" AMP for month like a crazy person before i come to my conclusion bout E12. DX90 it self has quite wide stage and sound is quite balanced in warmth department.
Again, e12 does produce a very clean n hq sound. Just that there is no warmth(warmer sound usually sound better to a human ear, it's sure is so for me) to it and stage appears too forward and narrow, with is not good for almost 1000$(1700$ where i live) rig.
And i can't tell how it is with other players n headphones, but a heard and saw similar complaints bout E12. In this tread too.