Got the NW-ZX507 today... Here's my quick comparison with the PHA-2A.
I used the IER-M9, balanced, with the NW-ZX507 set per Sonywalkmanuser's excellent suggestion: DSEE HX ON, DC Linearizer Type B Low. I had planned to also test with the Focal Elegia and Clear, but based on the power requirements, I don't think it would be a fair fight. The PHA-2A has a LOT more power on tap, but this was no surprise, ha ha. Thought I'd mention it anyway.
Anyway...
Highs- while neither device is what I would call bright, the PHA-2A definitely is brighter in this register. Higher notes on the piano hit with more attack, while the NW-ZX507 eases into them a bit more. Both devices have sweet, rounded, extended highs, but the NW-ZX507 is slightly more rounded off compared to the PHA-2A, which gets a little more air into them.
Upper Mids- The NW-ZX507 is not quite the detail monster here that the PHA-2A is. Separation is better on the PHA-2A. Attack is also somewhat brighter. By comparison, the NW-ZX507 has an overall smoother delivery here.
Mids- Again, the PHA-2A throws details around here that the NW-ZX507, while not exactly missing, doesn't put as forward in the mix. Again, the NW-ZX507 is smoother. I don't want to give the impression that the NW-ZX507 isn't a detailed device; it certainly is, very much so. It's just that detail is not the trick it is on the PHA-2A.
Lower Mids- This is the first of two larger differences between the two players. Lower mids are much more forward on the NW-ZX507 than the PHA-2A. This, in my estimation, is the reason why the two players sound as different as they do. The extra oomph in the lower mids costs the NW-ZX507 some of the details that the PHA-2A underlines, but it makes for an overall meatier and thicker sound signature.
Bass- both devices have excellent bass. Slam and speed is roughly the same. If I had to give the nod to one, I'd say the PHA-2A. It offers a hair more timbre and detail. It's very close though.
Sub Bass- the NW-ZX507 has slightly elevated sub bass, and it costs it a little detail compared to the PHA-2A, which is again perfectly poised and detail-driven here. So jazz might be a better option on the PHA-2A, but EDM and pop are funner on the NW-ZX507.
Soundstage- This is the second of the larger differences between the devices, and perhaps the clearest victory in a category, even if it's not exactly a fair comparison. The PHA-2A wins here hands down. This is not a surprise. In my experience, the most immediately noticeable advantage of having more overhead power on hand is the increase in soundstage.
Wrap Up- I can't pick a winner here. Despite their differences, the two devices are more alike than different. Like slightly different takes on a theme. The PHA-2A is fabulously clear and detailed and huge, the NW-ZX507 is wonderfully thick and sweet (and detailed in it's own right)... and both have wonderful bass. For full-size headphones, it's not going to be a contest... The PHA-2A obviously has a lot more power on tap. But with IEMs, it's whatever you like best. Personally, I'll take both.
Caveat- these are my day 1 impressions. I know many people, with fantastic ears and a great wealth of knowledge, put a lot of stock in burn-in... but I'm not one of them. Different strokes, and all that. Personally I've always found that it's my ears being trained, not the device or headphone/IEM physically changing... Mostly because I've noticed that if I experience what I think is burn-in on a device, and then listen to something else for a month or so, when I circle back to the previous device, it will have returned to it's "pre-burn in state", lol. That all said, many people whose opinions I value highly take burn-in very seriously. So. Take that as you will. If you are a burn-in believer, then be aware that these are my impressions with around an hour on the NW-ZX507, and countless on the PHA-2A.