OK, so, impressions time!
I haven't had as much time as I'd like to listen to the Q5s properly at home, but I've been on the road all day today and I've listened enough for me to form an opinion.
If I could summarize it in one word, it would be "versatile". You want to use with sensitive IEMs? Clean and quiet. You want to use it with full sized close backs? Done, it sounds tight and detailed. You want to use it with open backs? Boom, open and airy and powerful. Speakers, you say? Hook them up to the line out and check if anyone can notice that it's not a full sized DAC. Wanna watch a movie on your TV? Connect the Q5s to it with SPDIF and enjoy proper sound coming out of the damn thing. I think you're getting my point. You want anything to do with outputting sound, unless it's multi-channel, the Q5s can do it and do it well.
Now, sound quality. I went all balanced, except for my MSR7 which don't have the option, so keep that in mind. What can I say? It's impressive. I never expected such an improvement over my Q1. The quality of the bass, highs etc has been discussed to death already, and I agree with most of it, so I'm gonna focus on what impressed me most, the amount of spatial information I get. I mean, I'm using the same headphones, listening to the same songs from the same sources. I have never before felt a snare drum hit precisely 10cm away from my right ear at 5 o'clock. I could hear it somewhere on the same region before, but now if I close my eyes, I can swear it's right beside me. Soundstage is also wider, but I'm not as impressed as I am by the imaging improvements. Holy hell, it sounds good...
Now, on to the (admittedly very few) negatives. Biggest one is that it's a bit prone to scratches. Mine already has some scuff marks in the corners. Also, it's almost dead neutral compared to the noticeably warm Q1, to the point that at first it sounded thin (although that's my fault, being used to a heavily colored sound), but now that I'm used to it, the Q1 sounds wrong. Last is the battery. I don't know if it drains quicker than on the Q1 or if it's just the fact that I can actually check how much I have left, but I feel that the battery runs out way quicker on the Q5s.
More will follow, but that's my initial impressions. So far, I'm very very satisfied.