Honestly, one of my favorite device combos on a budget so far has been my Q1 with a BTR3. My father owns a BTR3, but I never wanted anything to do with bluetooth until recently. That little thing convinced me otherwise. I borrowed it for a few days to try it and, while its lack of power did annoy me (barely pushing my 58x and MSR7 loud enough-granted, the MSR7 are modded and quite a bit less efficient than stock), the quality it offered was great, especially considering the price and wireless operation. So I started using LDAC from my phone to the BTR3, I blue tacked the BTR3 to my Q1, connected the BTR3 to the Q1's line in and then plugged my headphones into the Q1. I was amazed by the fact that this actually sounded quite a bit better than the Q1 by itself through USB. Cleaner is the word. I know the Q1 isn't anything special, ok, but the BTR3 costs about the same as the Q1 did and it's SMALL. I never expected it to sound better. The Q1, turns out, is a weak DAC, but its amp section is decent considering the price and its age. Now, I half wanted to get a BTR3 myself, but realized I don't want to half-arse this and decided to go for the Q5. Then I realized that there's the Q5s around the corner and here I am... That said, I still maintain that nothing can beat the BTR3 for IEMs. Get a short cable (Fiio offers one with MMCX, perfect for my Tin T2s), clip it to your shirt, put your IEMs in, boom, wireless.
As for the M11 vs Q5s question. I never understood why some people are so fixated on using DAPs. With how great phones have become nowadays, I see no point in these devices as long as I can connect a DAC/amp to my phone. There's the argument that I then have to carry 2 devices, but that's irrelevant because I was going to be carrying my phone anyway, so a DAP or a DAC/amp is a second device on me regardless. I could also get why some people would not want to deal with having their phone wired to a DAC/amp on the go, but with devices like the Q5, that's not a problem. So I would go with the Q5s, not the M11. Don't get me wrong, the M11 looks like a wicked good DAP, it's just not for me, like all DAPs.