I've got the red imp-400...it is awesome...don't know if you can still find them or not. I did as much research as I could, and went with the 400 over the 550, because I was under the impression the laser was getting "weaker" with each upgrade -- perhaps to preserve battery life.
I will say that I had an old Panasonic or Philips, it sounded nice...but upgrading to the IMP was way, way, way worth it. I was really surprised it was as significant as it was. MUCH cleaner...neutral...just much higher res.
I went with the IMP basically because it had a clean, dedicated LINE-OUT, so I could invest in an amp down the line. But I got much more...such an upgrade!! I too was holding out for something like a DVD-A that did HDCD and all the works...but to no avail...the ones I did find were getting up around $500. Ouch. It's just too new of a technology...so the $150 Iriver won-out and I couldn't be happier!
So now I've got IMP400-->SR-71 amp-->ER-4S headphones. It is absolutely incredible. I don't mess around with compressed files neither...give me CD fidelity or give me death. Actually I'm ready for DVD-A fidelity but you know...soon...