That HM-603 is a nice bargain from its original price, but the HM-601LE /w RE400 combo is better, IMO. The DAC is the same between the two, just the opamp set that's different, but sonically not much difference. The HM-603 is a hair more powerful over the 601LE, but I didn't notice a difference with my low impedance cans (Grado).
Here's the problem with the HM-603. Sure, it can do max 24/96, but it down samples it and that's the max. The firmware isn't optimized for hi-rez as when these DAPs came out (HM-801/603/602/601), lossless Redbook rips and MP3 ruled the days. When I had a mix of Hi-rez and FLAC, the delays/pauses of the DAC trying to process them was a little irritating to say the least. Also, the design of the DAP and firmware wasn't tailored for large music collections. Album/artist scrolling is dog slow and maddening.
Yes, the NOS sound is very nice for a lot of tracks. But, the HM-650 has that hardware switch to get closer to that NOS sound (warm, smooth, and rolled off highs). I think it's a nice compromise in that area. I would pick the HM-650 over any "legacy" Hifiman DAP, but those legacy DAPs do have their place at times with the right music. Its just I wouldn't use one as a primary DAP. Here's a quick pro/cons:
HM-650:
Pros
- Current and standardized architecture (shares components with the other DAPs, HM802/901)
- Swappable amp cards
- Option to run balanced
- User replaceable/swappable battery
- Hardware sound filter for effectively two sound signature on the fly
- Much better volume control
- Better firmware
- True Hi-rez (24/192) support
Cons
- Reduced battery life, especially when processing hi-rez files
- More bulky
- Must use charging brick
- Price
HM-603/601LE:
Pros
- Much lower price
- Nostalgic/Vintage look, feel, and sound
- Less buttons to navigate
- True NOS sound signature
- Battery can charge through USB port and does support charging from USB battery packs (5V, 1A+)
Cons
- Maddening and slow file/folder navigation (larger the music collection, the more maddening)
- No true hi-rez support
- Non-replaceable battery
- No balance option
- Fine tuning volume can be difficult