I have spent quite some time listening via both USB and from my DX90 line-out and also using my Tera-Player as a source. The sound belies its position as an entry-level device with bass that is both deep and well-controlled. Highs are detailed and clear with very natural vocal and instrumental timbre. Overall, the sound is warm and expansive. I did not notice sibilance or hiss with any of my phones. I used my Sony F1 and Oppo PM-1 for over-ear listening and my LAB 1, Parterre and Heaven VI IEM's. I also listened with my modified PortaPro and Blox Anv3 earbuds. In all cases, the Mk2 vastly outperformed what I would consider to be an "entry-level" device and feel that it can compete without apology with portable amplifiers costing well above entry level devices.
MSRP for the Mk2 will be $119 USD and it will be available from the iBasso website this coming Monday, the 10th of November.