Listening to it right now! It certainly does make the HD650's sound a lot better, much more engaging and with better bass and treble. I'm really glad I waited for the more powerful E12; it seems perfectly suited for these phones. Without the amp, my Zune plays the HD650's nice and loud at 25/30 on the volume bar. With the amp on high gain, it will play them at 15/30 (although a lower volume is more comfortable, especially for extended listening). As the other reviewers have noted, the build of the E12 is very nice, but the recessed buttons are slightly annoying (not a big deal). What really surprised me is how much I like the bass boost. I didn't think that I would use it, but I think I'll keep it on all the time. It actually doesn't seem to make any difference on the songs that don't have a lot of deep bass, but on the songs that have sub bass it compensates quite well for the HD650's low end rolloff without adding coloration. It really seems like this amp was made for the HD650's.