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I like my Explorer. I wouldn't part with it for love or money.
I have the original explorer and nope it doesn't color things to my ears. When used as a DAC (line out), high freqs aren't faked IMO, rather they're more upfront and less refined than my Bifrost Multibit which renders highs slightly laid back, but more refined. Both sound similar to my ears, but the Bifrost is just more resolving and refined. Can't comment about the headphone out since I don't use it.