Here is my impressions on the Jotunheim after a month of ownership. My main headphones were HE-500 and PSB M4U2.
Physical Appearance: It looks like Schiit
First things first, the picture of the Jotunheim in the Schiit's Jotunheim product page is a LIE! The white LED is a thousand times brighter in real life than it is in the picture. It is so bright that I had to move the unit to my right just so the knob can act as a shield to keep the LED from blinding me. If you actually looked at the unit at the angle the Jotunheim is presented in the product page, you might start to feel nauseated even start vomiting after just a few seconds. It is that bright.
Other than that, the Jotunheim looks like typical Schiit. I used to own the Magni/Modi, I had them just a week after it was released. I also have a local dealer in my area where I can check out other Schiit products. The build quality looks like it can take a beating and the 2-tone grey and silver looks looks like it can handle dust accumulation well (no color change after just a month without dusting)
BTW the "N" on the Jotunheim looks weird, it looks like an "S" fallen over blackout drunk.
Amplifier section: Sounds like a $2000 unit
The Jotunheim is the first product in a while (I haven't kept active in the forum for over a year and a half) that has caught my attention. Before that I haven't had a real need to upgrade from my Audio-GD Compass 2, another Amp/DAC that had a modular DAC section. The only other units that sounded better were well over $2000, not including the DACs that I was demoing on. The DAC on the Compass 2 was pretty good IMO, I was always suspected the amp section to not be on par though and I was right when I finally got the Jotunheim.
The amps that I consider sounded audibly better were ones that helped my HE-500 deliver better bass response, more impact and deeper sounding. That's it. The HE-500 are perfect to my ears in terms of frequency response and only needed that extra oomph in the bass. The HE-500 lacks spaciousness but I can live without that since it didn't really bother me. Pairing the HE-500 with the Jotunheim provided the extra oomph that I wanted in the bass. The bass feels livelier and more engaging.
I did notice people were reporting a bit more strident treble with the Jotunheim. I only really heard this while using the HE-500 in SE but not in Balanced. Using the HE-500 in balanced, there is tad bit more treble but not in a glaring obvious amount. The difference in trebele was quite audible going from the Compass 2 (SE only amp) to the Jotunheim in SE though ... volume matched...
The mids are not affected in anyway going from the Compass 2 to the Jotunheim. I have nothing to say other than it keeps my Kamijo singing
DAC section: Nothing special
I'm sorry, I am really not with the camp that thinks a DAC will make a whole lot of difference. I just need my DAC to convert my 1s and 0s in analog form and my Compass 2 did that. The built in DAC did that as well.
However, if Schiit decides to make a Multi-Bit DAC in balanced mode that is in the Jotunheim's price range, it will have my interest. Otherwise, I will continue to try and save up for an Yggdrasil.
Conclusion: Worth the money for an upgrade below $1000
On average, Amp/DAC units costs well over $2000 - $3000 to have a audible differences in quality against units that cost around $500 - $1000. However, the Jotunheim Amp/DAC version can offer an audibly better sound and it only cost $499 ... what?!