Just got it. There's that moment when you first fire things up and wonder "did I waste my money?" Heck NO!
At first, I couldn't get any of the 4 presets to work. No matter how hard I pushed, I couldn't get the "smoky jazz club" to function.
(That's a joke lurkers!)
Seriously, I was ecstatic that there seemed to be no sonic-penalty for using it. In other words, it just did it's job without any gotcha's to be heard. All I want to listen to is the first-mile source, and last-mile cans, with nothing in between. The Heresy amp and Loki combo help me achieve that. (other than the Loki doing what it's supposed to do with EQ). If there is a problem, I'm going to concentrate on the first and last mile of my chain.
Other than sweetening or deemphasizing trouble spots or merely adjusting for personal taste, I see the Loki as kind of a tool as well as "audiophile insurance", especially if one is going solely by forum impressions without any possibility of trying things in person.
1) You just spent $3K blindly online, and uh-oh - yeah, too bright. Or too dark. Boring. The LOKI eq is your insurance.
2) With the bypass, you can congratulate yourself on totally nailing it perfectly, not needing any eq.
3) Bring a little more sanity to V-shaped cans, or just give them a taste of what you really want and help you better decide in the future.
I love the "shape" of how the controls work. Discussed earlier. At this stage, 4 controls is just fine for me.
But to be sure, it won't drastically alter the overall character of the cans - that is, it tamed my bass-punch AKG K240's into something much more musical, but despite hitting it with sub-bass - it just won't sprinkle sonic-dust on the drivers to turn them into an EDM-party set of cans which the drivers just weren't designed to handle loudly. But it did give them a taste. Sure, I tried to turn the 240's into my K712's, and got close, but at some point, FR alone won't change the character of the other variables. Cool.
Overall, I think the Loki is a "you can't lose" proposition. Maybe it will fix a problem area. Or just confirm what you already know. Or perhaps make a self-discovery about bright/dark/boring environment that turns you on to make a better decision with your next pair.
Sanity-check: The only thing I did to it out of the box and powered on, was run the nice Alps pots through a sanity check - merely doing a full rotation back and forth a few times. No problems.
The biggest thing is that I don't want to hear that Schiit - other than the eq job it was supposed to do cleanly. Just first and last mile in my chain. Yeah, I've got the biggest Cheshire-cat grin going on.