Very impressive DAC, I'm very happy with its sound. Biggest improvement over the Lavry is bigger dynamics with a smoother, ever so slightly more laid back sound. And a bit more impact and greater depth to the soundstage. Nice synergy with the HP-2 and K1000.
I can say this will probably be my last DAC upgrade for my headphone rig. I'll probably go back to a balanced CD/DAC combo once I get a speaker setup.