Project86, Great review and I have had this item a little while. I'd like to share some general conclusions and then some comparisons with other equipment and the Audinst paired with them.
The Audinst HUD-mx1 at about $175 is indeed a great value for its function: a portable external DAC and headphone amp ideal for use with a laptop when traveling. I actually have been using it with a desk top iMac, though. Phones are Audeze LCD-2 and VSonic 07 IEM's. The Audinst headphone output, using USB as power source for the mx1, is plenty adequate to drive either phones to uncomfortable levels. The sound is quite detailed and accurate. Soundstage is very nice if not the very best, but again, for the price it's hard to beat. There are no disappointments in presentation of bass, midrange, and treble in any music I've listened to, including jazz, blues, orchestral, female and male vocals, light rock, heavy rock, etc. There are some better sounding alternatives if your budget allows, but for the price point and portability and versatility, I agree 100% with Project86 that this is a great buy.
Some A/B comparisons, using the following:
Alternate DAC: Cambridge Audio DacMagic ($350)
Alternate portable headphone amp: C&C BH ($99)
Desk headphone amp: Matrix M-Line with dual OPA 627A mod ($285)
Desk amp w/ headphone out: Audioengine N22 ($199)
Here's how I'd rank the different combinations I've listened to with tracks representing good recordings of the different types mentioned above. All A/B was done with the Audeze LCD-2 phones; I didn't use the VSonic GR07's except intermittently:
#1 DacMagic--->Matrix M-Line ($635 total)
With opamp tweak (obtained from TAM Audio.com for $35, dual OPA 627A wired for class A operation), this combination resulted in one of the most realistic, immersive, and just plain gorgeous musical experiences I've had. It was though I was experiencing the live performance, with huge sound stage, absolutely accurate, detailed, and whatever adjective gets tossed around. The opamp modification was well worth the money. With the stock opamp, I say this combo is also great and very, very satisfying listening. After the mod,well, I just could not stop listening even after hours when the LCD-2's started to physically wear on me (comfortable wear is definitely not their strength.) In interest of full disclosure, almost 100% of my experience is with high-end stereo systems, so that is my reference point. There surely must be other DAC/amp/phone combinations at much greater cost that are superior but I could be in love with these for a long time. Realizing how subjective listening tastes are, I would just say I don't think many would rate something above this combination for the money, $1630 including the LCD-2's.
#2 DacMagic--->C&C HB ($449 total)
This combination is also very detailed and engaging, with nice, big sound stage, ample power. It's just a little less so in all respects than #1. I only list it because it shows what a serious little bargain the C&C BH is at $99. I see the C&C BH as a remarkable upgrade for portable media such as iPod or iPad. Also for pairing with the Audinst. More on that later.
#3 Audinst HUD-mx1--->Audioengine N22 ($374 total)
The N22 is a speaker amp that has a headphone amp output. I include here as a reference point for the comparison that comes next. This combo sounds very good, with a slightly warm mid-range presentation, reminding me of a tubed amp. But this combo doesn't offer any useful advantages as it lacks portability due to the N22.
#4 Audinst--->C&C HB ($274 total)
Here is the winning combination for sonic qualities, portability, and price amongst these particular items. Use the Audinst line out RCA jacks to 1/8" input stereo jack and Audinst switched to line out on its front panel. The sound quality is only a shade behind #3 and it's only with a direct A/B comparison I'd rate #3 ahead with just a tad more detail and warmth. I'm certain many would prefer this combo; it's a matter of personal taste after all. The C&C HB is smaller that a deck of cards, has selectable gain and equalization, two phone output jacks, ample power, a smooth noiseless volume pot, long battery life, and really good sound. Only con was the need to use a relatively large RCA plug pair- to -1/8" stereo plug adaptor to plug into the C&C HB front panel. It's wider than the thickness of the amp, and with the headphone plugged in, I can't lay the amp flat. Maybe there exists a cable without need for the adaptor; I didn't do a thorough search. No other cons I can see for this price ($99).
#5 Audinst, only ($175)
For entry level this would be my recommendation. The DAC stage is second to the DacMagic in these A/B comparisons, but still very, very good. With the built-in amp it offers a bargain price pairing with portable sources (mainly lap tops) having a USB output. Obviously, most people would rather a small DAC to take along on trips, preferably powered through the USB connection, and this fits the bill very well. The sound quality via the amp output is very good, just not superior to any of the above, in my opinion. Without A/B'ing, just on an absolute rating basis, the Audinst alone would be very satisfying. For portable applications, I'd want to opt for the Audinst with C&C HB amp combination for a reasonable amount more money.
#6 Audinst---> Matrix M-Line
This combination surprised me in that I had expected it to rank second or even first perhaps. But there must be some peculiar interaction between these two pieces that I can't explain. The sound is duller, more veiled. The bass is a little less controlled and is a little blurred. I can no longer easily pick out individual background vocalists and instruments don't separate into proper positions as well as other combinations. It's not bad sounding and I don't have a harsh opinion at all; it's just not what I had hoped for. After all the A/B'ing, I came back and had the same experience as when I started with all these combinations. I double checked that the 96,000 kHz sample rate and 24 bit 2-Ch out for USB were selected. So I am at a loss why this happened. I had hoped to pair these two and return the DacMagic to it's home in my stereo system. I probably will go with #3 at the computer, and for the gym, use iPod with C&C BH with the VSonic GR07's. If anyone else tries the Audinst-Matrix M-Line combination and has a more favorable experience, I'd be interested. Perhaps the iMac enters the equation somehow, but it was the same source for all the A/B's.
Don't know how much this helps those who may be thinking about employing the Audinst either stand-alone or in combinations. It was my intent to share my experience with different mixes I had available.