I want to add, since I also received L3 today and had about half an hour of playing with it (on burn in now overnight):
- Build quality is worthy of L&P name, just like scaled down version of L5 Pro, with a little different metal finish, though keeping L5 Pro as it's flagship that cost more.
- Sound signature is neutral-brightish - great for your neutral and warm headphones (excellent pair up with PM-3 and OMNI and ZEN 2.0 and R70x), but not so much for bright/revealing/analytical (like EL-8C or T5p 2nd gen or DN2kJ) unless if you select one of the "warmer" EQ presets (no EQ adjustment, just included presets like with L5 Pro).
- Enough power to driver 470 ohm R70x, or 320 ohm ZEN 2.0 as well as PM-3/EL-8C/OMNI - but demanding and high impedance headphones will push the volume closer to the max with not as much headroom left (45-55 clicks out of max 60). With IEMs/CIEMs and efficient headphones you are in a sweet middle with plenty of headrooom.
- Balanced output - simply WOW!!! Balanced 2.5mm TRRS port implementation has better separation than AK120ii, N5, and PAW 5k. I'm very impressed. Actually when you compare 3.5mm SE vs 2.5mm Balanced ports, the sound is not just wider but a little more dynamic and with improved transparency. Also in balanced, you get a benefit of additional power boost. I might just end up using L3 only as a balanced source to enjoy some of the IEMs/CIEMs (pair up with U12 is very good).
- GUI is very similar to L5 Pro with a few differences, but I'm sure it's still a work in progress. Also, not yet gapless or EQ adjustment or playlist support.