I have the non-r and love it. I haven't compared it side by side with a QP1-r, but I love what the QP1 can do. As someone said a few posts earlier, it's like taking an excellent home system on the road. I am sure the reference model is worth the extra money, but the QP1 is no slouch on its own. I find myself using it even when at home, driving Sennheiser HD 600s rather than plugging them into my Little Dot or Sansui receiver. It's not only more convenient, it's just that good. I've never even been tempted to use the equalizer. And, as I have posted in the past, it seems to elevate mid-fi cans. I don't know if it's the current mode, the discrete caps and resistors or just expectation bias, but it makes everything sing. Even those phones that are known to be fussy seem to relax. And easy to drive models like Grado 80s or ATH M50s pick up additional sparkle. I am listening to a pair of knock around Koss Tony Bennett special editions right now and loving the experience. So I can testify that the QP1 is an excellent DAP. Only you can decide after testing if you will be satisfied not getting best of breed. I have no upgraditis at this point, though.
Hope that helps.