OK, let me explain my understanding of how "FPGA Master" makes the difference.
Since DX80, the first native DSD-capable iBasso DAP, an XMOS chip was used to stream sound data to a DAC, but only for PCM higher than 192kHz and DSD. As I understand, "FPGA Master" performs the same task (probably among some others), but does it always.
One note: when such an iBasso DAP works as USB DAC, that XMOS chip handles all formats. Actually, in USB DAC mode, the SoC is not involved at all. So, having any iBasso DAP, you can test the difference right now: just reproduce the same file in PCM format, not higher than 192kHz sample rate, via Mango player and from a PC using the DAP as USB DAC. This is the difference.
Another way to hear the same material with and without XMOS is to upscale a PCM file with sample rate not over 192kHz into 384kHz (352kHz for 44.1kHz source) and compare them. But USB DAC way is better: it reduces loaded SoC impact on the power supply.
Why iBasso didn't use XMOS always? Because it consumes the power. Probably, with FPGA tailored for their needs, power consumption became reasonable enough to have it turned on always.
My firmware (and add-ons) for full Android DAPs have USB Audio app for years, which exactly allows to use XMOS chip as the internally connected USB DAC. There are people who used (and still are using) it as such, tolerating faster battery discharge for the sound difference. This is one more way to try what "FPGA Master" may bring.
Also, while I'm writing, I'll tell you guys my opinion on what DX300 is:
Since May 2014, I was working hard, trying to squeeze the best from iBasso DAPs hardware, mostly by minimizing impact on power supply, and then by utilizing XMOS for all formats. With DX300, I see nothing how sound can be affected by firmware! Separate power supply for analog path (I hope it includes DAC analog power inputs as well!) and FPGA Master for all formats make it independent on what the SoC does.
Of course, there are conspiracy theory believers and psychoacoustics ignorers who would "hear the difference" anyway, as always, even when there is no a difference. For all the normal music and high quality sound lovers, DX300 is the device which you can like, or don't like, but there is no way to make it sound better or worse by a firmware, neither official nor custom.