I just received the V-DAC this week, I only put about 10 hours on them. This is the upgrade from my iBasso D3 - which I used as a DAC to feed the EF1. First, out of the box, it sounded good, great and very smooth mids, the bass was punchier and more refined, but somehow the attack was a bit slower. I didn't hear much changes in the treb, it just slightly silkier. The biggest different was the detail, V-DAC provides the great amount of detail, I could pick things I couldn't hear before very easy.
After like 10 hours of burn-in, it is better now, more transparent, the sound is very clean but still have the warmth. The mids is even smoother now, bass is now have greater impact and textured, the attack still remains the same, but it really not a big deal to me, but I prefer a bit faster. I'm not sure if it have more detail now or not, I haven't heard it yet, but I'm sure some detail become more clearer. The soundstage starts to become more lively, the presentation is more foward, makes everything sound so clear.
So far I'm very happy what the V-DAC gives me, absolutely an upgrade from the D3 DAC. The V-DAC really makes my ATH-AD2000s strengths shine: the mids, the detail and the impact. However I still expect more since it has just only had 10 hours