Chris J
Headphoneus Supremus
To my ears the Matrix offers a darker background, more weight and an overall "calmer" sound if that makes sense. The C5 is also great (especially considering it's a portable solution) but the Matrix is even better (for me).
Whether you need a DAC or not is really up to you but yes I prefer it paired with a DAC. I'd guess it also depends on your source....
+1
Yes, I agree, excellent description of the sound character of the Matrix M Stage.
As an example, compared to my old FiiO E09K headphone amp, the M Stage was warmer, fuller, clearer and more open sounding. It had a more natural sound.