Hey guys, new O2 owner here!
First, let me get this out of the way: I love this little unit. After a lot of back and forth with my Burson Soloist (sighted, not accurately level-matched, etc.), I can say that it drives the LCD-2 just fine. It might not be everyone's cup of tea: it is deadly neutral, no 'euphonic' presentation going on here. However, I can't hear anything that would lead me to believe the LCD-2 is not adequately powered by the O2.
Now for the meaty stuff. This information might be valuable to Peti, who observed something similar 2 pages back. I ordered my O2 with the Medium gain settings, which is 1x and 3.5x. Upon receiving it and trying it with my stable of headphones (LCD-2, SR225i and Momentum), I noticed that they all get really loud with the volume pot under 9 o'clock on low gain (1x). Here's where it gets interesting: using all 3 headphones, for the same volume output, I have to crank the volume knob slightly higher on the Burson than on the O2 (for example, 9 o'clock on the Soloist is roughly equal to 8 o'clock on the O2 in terms of volume output using the LCD-2). The low gain setting on the Burson Soloist is 2x.
I'm inclined to think that I (and maybe also Peti, from what he seems to be saying) might have gotten a unit that has the 2.5x/6.5x gain settings by mistake! Unless there's something that I'm missing (I'm no electrical engineer), this seems to be the only logical conclusion I can jump to. :S
(I'd really like to take a picture of the internals to confirm with you guys, but it seems I don't have the right key to unscrew the volume knob in order to open the unit.)