I thought I would add my own impressions to this thread - I hope HeadphoneAddict doesn't mind, but I see no point in creating a whole separate thread for my comments, in light of all the great information presented here.
In addition, I don't have anything to report that differs much from HA's view.
I tested the EF2 using NOS Mullard CV4010 tubes. I didn't even try the stock tubes - 6AK5 tube types are plentiful and cheap, and there is no point in using known inferior Chinese tubes. The 6AK5 is a nice sounding tube. I like the Mullard best, but I have some Sylvanias and Tung-Sols which Also sound good. I also tried the fabled Western Electric 403A, and it also sounded terrific. Lots of great choices!
I used the EF-2 with the Shure SRH-840, my 600 ohm Beyer DT880 and 990, and also with the HifiMan HE-5. Overall, the EF2 was happiest driving the Shure. All the headphones worked fine, but the EF2 is a little out of its element driving 600 ohm cans. The HE-5 also demanded a lot of the EF2, and I think the HE-5 need better amplification in general, but the combination wasn't bad at all.
Used as just a headphone amp, via its analog inputs, I found the EF2 to be smooth and pleasant sounding. It was not the last word in resolution, detail, or transparency, but it is more than adequate in all those regards, especially when its price is considered. With headphones that are not tortuously difficult to drive, like the Shure, the EF2 was very good, and its slight warmth was actually a good match for the just slightly lean sounding Shures. The EF2 is more or less neutral, with a just slightly lush sound, which does vary somewhat with the tubes chosen. It lacks a little top-end sparkle and a little of the very deepest bass authority when compared to far more expensive amps. But when compared to amps in the same price class, like the AV123-XHead (admittedly an all-SS design), the EF2 provided better overall sound, with an more appealing midrange.
Soundstaging was quite impressive for an amp in this price class, and the sound overall has an organic "rightness" to it that makes the EF2 very easy to listen to for long periods of time. I took it on a 4-day business trip with me, where it was my only headphone amp, and I was completely happy with it - thrilled, in fact, to have such good music in my hotel room! The TSA people were not so thrilled by my packing it along, though - it cost me 10 minutes at the Orlando airport
The USB DAC was adequate - an improvement for sure over the sound card on my laptop, but that isn't saying much. It was not nearly as good as the USB DAC in my Music Hall DAC 25.2, though. And I thought my iMod iPod via the EF2's analog inputs also sounded better than its built-in DAC.
Nonetheless, for the asking price, the EF2 is a great value if you pretend it doesn't even have a DAC! Look at the DAC as a bonus. If it's helpful, great. If not, for $189, unless your headphone stable is full of only the most power-hungry headphones, I think the EF2 is a nice amp.