Ok, first impressions after extensive burn in:
This is a somewhat smooth, warm, bassy sound, definitely not analytical. It's a bit on the relaxed end of the spectrum, so my Sendy Peacock, a very relaxed sounding headphone (and I'm using it with a smooth copper cable too), was not a good match up with the Neo 2. But my Neumann NDH20, which is dead neutral, sounds really great, similar to how it is on the Micro iDSD Finale. From memory, the Finale I think is closer to neutral, whereas the Neo 2 is warmer and smoother, and the Neo 2 has slightly better soundstaging although both stage pretty big when Xspace is on (which it always should be!).
The Neo 2 is less detailed than my Chord Hugo 2 (a more expensive 2), but the bass is more fun on the Neo 2 because it is slightly emphasized even with Xbass turned off, and this emphasis seems to include the deep rumbly sub bass. What I love is that the Neo 2/NDH20 rig, with Xspace on, is able to equal the soundstage size of my Hugo 2/Sennheiser HD490 Pro rig, despite the fact that the HD490 Pro is an open back and the NDH20 is closed. It will be great to have a closed back headphone rig I can swap over to without sacrificing soundstage size. This is something I've always kind of wished I had: a totally separate closed back headphone rig so that I don't have to keep yoinking a out one headphone and plugging in another every time I want to switch from open to closed.
The Neo 2 is not inserting nonsense into the "no nonsense" sound of the NDH20, it's just shifting the whole sound a little in the direction of fun and musicality, in a reasonably subtle wholistic way. Just like anything you plug an NDH20 into, nothing sounds off, no sonic aspect will suddenly distract you, despite the fact that this Amp/dac is sprinking some flavoring onto the headphone's default character.
Overall, I enjoy both of these rigs equally, but I'm excited to try upgrading the power supply, because that could actually tip the scales in favor of the Neo 2 rig. As of now though, I'm already quite pleased to have a closed back rig that can compete with my prized Hugo 2 open back setup. Synergy is king of course, and the 490 Pro is comparatively messy and limp sounding on iFi gear, and the NDH20 is kind of cold and boring and no fun on the Hugo 2. Interestingly, the NDH20, although really not hard to drive, feels right at home on the Neo 2's highest gain setting, which I did not expect.
But yeah, if cleaner power can make this bass even better, I will surely ascend unto Bass Heaven, that would be somethin man!