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Anyone knows the output impedance and whether it has USB DAC? I'm very curious about the reviews comparing it to Hiby R6 and DX200 as my impression of most AKM implementations is slightly less perceived detail than ESS chips, but I haven't listened to enough DAPs to compare properly. The AKM4452 in the Shanling M1 wasn't implemented that well, but it's interesting here they got the 4495 to perform better than AKM official spec on balanced output.
Yes, there is USB DAC. The sound is crisper than your typical "musical" smooth AK4490, at least Reference setting in the Sound Mode gives you performance closer to what you would expect from ESS DACs, while other ones (original, natural, etc) are smoother and warmer.
I think improvement in SNR, as mentioned by iBasso, is probably a combination of DAC settings/optimization and Amp section design. But, I do have to mention, when I turn the volume down to zero and hit play, there is a little bit of hissing with lower impedance sensitive iems, the background is not perfectly black. Once you raise the volume to a normal listening level, most of this background hissing is not audible. As I mentioned in one of the posts above, I don't have Zeus anymore and don't have SE846. My usual hissing suspect is Andromeda, and it's the only iems out of everything I tested which has a rather high hissing level, just like you would hear it with majority of other DAPs. And just like with other DAPs, iEMatch takes care of Andromeda nicely here
Just for the reference, listening to IT04 with volume down to zero and BAL output, I hear nearly a black background with DX200 w/amp1, a little hissing with DX150 w/amp6, and the same level of mild hissing with DX120,