I just grabbed one of these from another member on the forum, primarily for use with a pair of loudspeakers and subs. Like ripleydog, I usually use a Macbook pro as my source, and my cd player's optical if not. There are a couple of things I'd like to note just in case there's anyone out there wondering how this will run on a 2.1 stereo setup, rather than just on phones.
Firstly, I am quite impressed with the detail that this DAC achieves across the low-band. Bass lines sound much clearer and crisper than with a cheaper ipod/cd-p/computer preamp, which really brings an instantaneous, headphone-sounding immediacy to music. It's as if the kick drum is sitting 5 feet in front of me, and you can tell if it is tuned well or not!
I'd also say that the DAC does seem to have a very level frequency response, as the british loudspeakers in combination with the luxman serve to bring out alot of mid-highs, as would be expected. This wasn't always the case when using cheaper preamps. For me, this means I need to use the loudness filter on the lux to even the playing field, obviously but the DAC is not to blame, unless for its transparency.
The detail across the entire spectrum is quite enjoyable, and every album I listen to I am finding new sounds here and there - the layers are just so much easier to pull apart. Regular lossless cd rips have taken on a larger sound stage, and old vinyl rips of Pink Floyd seems to stretch even wider and deeper.
Headphones are obviously a world of difference from a cheap preamp, but I don't do enough phone listening to comment heavily on that.
I should also note that I'm running with the 627 opamps
On the whole, I'm quite pleased with the Zero, and interested to hear back from anyone else - especially those running the zero through subwoofers