I got one from the earliest batch. I've heard quite some DAPs, namely LP5 silver, L5, Cayin N6, X5, AK120II, AK100II, XZ2, C4, HM-901, DX90, QA360, Shanling M3, Lotoo Paw. The LP5, N6, X5, C4, DX90, QA360 were compared directly with the L5. The rest are just from memory. I mainly use iem (846 & Merlin), so i have no idea how they compare with full-size cans. In short, the L5 ranks among the top there, perhaps with the clear winner being the HM-901 and Lotoo Paw. At first I was sceptical about the SQ compared to the LP5, because the price was quite a bit lower. But they sound almost the same, perhaps the LP5 is a wee bit more natural sounding. If u are familiar with colorfly C4 "house" sound, then u probably have a good idea already. The C4, LP5, L5 were designed by the same core team, in my opinion, among other DAPs, they have found the best balance in intimacy, soundstage, control, musicality.
Soundstage and presentation: L5 has a presentation similar to C4 and LP5, the mid is not too backward like the AK120II/AK100II and DX90, more in line with XZ2 and X5. And then, to me, the greatest quality of the C4 house sound is the soundstage depth. DAPs like X5 has a wide soundstage, but depth is relatively narrow. There's a big amount of space between the instruments in a holographic manner. This is the quality I appreciate a lot in the L5. The shape of the soundstage is natural too (depth vs width).
Tonality: The L5 is to my ears quite neutral. It's brighter than C4, which has quite significant treble roll-off, which makes the C4 sound warmer. The treble of the L5 is well extended, and no roll-off there. It is perhaps a little brighter than the LP5 silver, leading to the perception than the L5 is leaner sounding than LP5. The bass hits hard, as hard as any DAP I have heard. And then the mid, which is another strength of the family. It stands out nicely without being shouty/in the head.
Details: The L5 is very detailed, among the top tier. C4's weakness in details is fixed here.
Noise and transparency: Modern DAPs are pretty clean these days. L5 has a top level transparency, the background is pretty much inky black, a bit better than the close rival N6 here.
UI: When I first used it, I was certain that it was a resistive screen there on the L5. Because it often took more than a press on the soft button to get things changed. Then someone pointed out that it was a capacitive screen on the thread. By firmware 1.0.0.3, it's much smoother, but still not perfect. I'm not a fan of the soft scroll buttons. I prefer scrolling by sliding. The UI is the biggest disappointment for the otherwise great product. It's just like a prototype. So let's look forward to more improvements here.
Fit and finish: To my eyes, they are well designed and pretty well made, the metal body is pretty well finished, and certainly looked premium. I won't say they are as good as the AK's in hand, there're still hints that it's made by a workshop rather than a big manufacturer like Sony, but it's pretty good. It certainly catches more attention than other DAPs bar the AK's. The volume knob, however, is not so well done, it feels a bit DIYish, a little loose. Overall, it's beyond my expectation in terms of fit and finish.
Value for money: I can't think of a DAP that sounds so good and looks so good at this price range. The AK's are classy, and the UI is class-leading, but I give the nod to L5 for SQ and sheer value for money.
Output power: The only full-size can I have tried with it is the HE-400i. They sounded well matched. But HE-400i is very sensitive, so I don't know how it fares in driving power.
Musicality and naturalness: They have good PRAT, energy and balance. The C4 has an analog sound, I think it has to do with the treble roll-off, at the expense of details. If we compare say a dark sounding can like the original LCD-3 vs a bright sounding one like the HD800, the LCD-3 tend to sound more natural and smooth. But if treble is done well, it can be natural too, for example TH-900. The L5 has lots of treble, if compared to higher end source like the Hugo, it is not as natural. I find that X5 has a very natural sound, despite it's humble price-tag. I would say the L5 is about the same as X5, with a higher asking price than the X5, I wish it's a bit better. N6 sounds more natural to me. It's good in naturalness but not great.
L5 VS LP5 silver: They are close. But I think LP5 silver is very slightly more natural sounding. The LP5 Gold is said to be fuller and richer sounding, but i haven't heard.
L5 VS C4: Much improved in treble, details and bass control.
L5 VS X5: L5 has a deeper soundstage and better separation, both with black background, and pretty much neutral. X5 is another DAP with very good performance/price.
L5 VS N6: the N6 is a close rival to the L5 price wise. N6 is a bit warmer and appear more organic, but less transparent. It's tuned to be more musical and less technical, relative to the L5. The soundstage is more forward, L5's soundstage feels more endless.
L5 VS DX90: I tried many times to love the DX90, because of the great UI. But despite positive reviews from fella head-fiers on the DX90, I left with no great impression everytime I hear it. The sound is too laid back and the bass is too coloured for my taste, and the background is not as inky black as some rivals. To me the X5 is better in SQ, the L5 is another level up.
L5 VS AK100 II: L5 has a more holographic presentation, and a more upfront one. L5 sounds more engaging to me.
L5 VS AK120 II: It's a almost tie in SQ, both being articulate, good in control, great soundstage. Again, the AK is more laid back. It's more of a matter of matching and taste. I'm not a fan of the AK's polite, laid back and thin sound. At 3x the price, the 120 seemed seriously over-priced.
L5 VS XZ2: XZ2 is the best Sony DAP I have heard so far. I like the engaging sound, the AK120 II sounded boring next to it. I have not spent enough time with the XZ2, will do an AB with the L5 next time.
L5 VS QA360: The QA360 has a narrower soundstage, and is not as capable at the top and at the bottom as the L5, but the mid is considerably fuller and richer. The QA360 is one sweet sounding DAP despite not being top in technicalities, and it's cheaper too.
L5 VS M3: the M3 has decent SQ, but not really upto that of L5, not as big sounding. The joystick control on the M3 is one of a kind, some ppl may like it some ppl may hate it.
L5 VS HM-901: It's still king of the hill in SQ together with Lotoo Paw, although the L5 is not far behind. But sorry for the design.
L5 VS LOTOO PAW: the DAP that some ppl call Golden Ass stamps authority with even the big headphones. The sound is classy, but again the L5 is just right behind. They look like Beauty and the Beast. At 1/3 of the price, and since I use iem only, I take the L5 any day of the week.
L5 VS Fiio X7: Now, the giant slayer by Fiio, available later in the year. The UI looks great so far, but the SQ has to be improved over the X5 to be comparable to the L5, mainly in soundstage depth and separation. If it does, at about the same price as the L5, the DAP that could make the AKs looked overpriced and could end the reign of Korean high-end DAPs. The L5 could have been the first Chinese DAP to do so, a complete package in SQ+look+usability, but it falls short in UI. From leaked photos of a prototype of the X7, I prefer the L5's look. There's still time to get things right, and stands side by side with the X7..... L&P gear up!
Alright, my 2 cents on L5.
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