You are right about EQ, but volume doesn't work. I found the initial use of the IC/MiniboxE+ much too bassy with my X10s. Then realized I had turned on the EQ's bass booster on my Touch for a friend who has an iPhone. He got some UEs (the ones made for iPhone) and felt they lacked bass. So I tried plugging his phones into my Touch, and used the bass boost, which helped, but not much. Man, do they, the UEs, lack bass (They are really thin compared to the Klipsch X10s). Anyway, when I felt the bass was too much, I checked EQ settings and sure enough, I had forgotten to turn off the EQ. With the new IC, I don't even need to use the MiniboxE+ bass boost with the X10s. Now, the sound is magnificent. Anyway, mine played way past 10 minutes, no problem.
The issue of whether or not the IC bypasses the internal amp has generated much speculation, but Lil Knight seems to know his stuff. Either way, it's a very nice incremental improvement to the already pretty good Touch SQ. At least it is to me.
As for my iPhone friend, he is pondering sending back the UE's and buying some X10s. His only hesitation is no mic on the cable (I use the Griffin iTalk on my X10s, and it works fine). Sorry for his wallet.