Just two cents on this because I managed to snag a good deal on it recently and I've been very pleasantly surprised.
I've been burned on DAPs before, I used a gen 1 Hiby R6pro before the compromises inherent with DAPs got to me. Issues with android, software bugs, more and more. My portable setup after that became the Fiio UTWS5 attached to whatever IEM I was feeling at the time. Again, not perfect, but good enough and convenient enough even if the UTWS5 has regular problems with charging.
Listening to the XM5 blew my mind. I had an emotional response to the way it sounded. It does have a tendency to match poorly with certain IEMs, but for the majority of my current in-ears it sounds like someone is pouring butter into my ears. Staging, bass, details, treble, and a rich midrange that makes me want to roll around it naked and smear it all over my body. It brought me back to my school days, when I would carry an iRiver H320 in my jacket pocket on the bus and disappear into the music for hours. I get why ToneDeafMonk had such a strong reaction to the player in his Youtube review, because I had a similar experience. It's got that special something. It's also easy to use, intuitive, and fits my particular use case perfectly (screw streaming, screw online, and I use my own library of FLACs exclusively). If you're the same way and dislike the experience of Android-powered players, I can wholeheartedly recommend this. It's competitive with much more expensive DAPs and even some desktop systems.
Of course, the usual DAPs Equal Compromise stuff still applies; the thing can't hold any kind of bluetooth signal beyond 4 feet, and I can basically forget about using it with any kind of bluetooth equipment when I'm mobile. It disconnects if I'm not literally holding it to my face. Holding it at hand height results in frequent crackling no matter what bluetooth codec I tried. It does get slightly warm even in low gain mode, and there's no fast charging.
I wish Shanling would fix certain things about the software. 20,000 song limit is, enh. I'm at eight thousand songs in the library currently and see myself comfortably doubling that in the next few years, having everything on 1 microSD card is the dream.