After about a year of contemplation I received a Japanese PHA-3 just yesterday to complement my Z7 (both of which I initially heard at IFA 2014 and now bought just before IFA 2015
I've loved the ESS DACs since I got a Benchmark DAC2 last year, so getting the same DAC (and, as I understand, not the mobile version) in a portable package was something I simply could not resist. Yes, 5h battery life is far from perfect, but that chip obviously needs some serious power to operate (the DAC2 gets rather hot as well btw).
I have yet to try out other headphones besides the Z7 (and make an adapter 2x 3,5mm -> XL4), but that combination really is nice. Bass feels more controlled than with the HP-P1 I used to drive the Z7 during my holidays, and I think the slightly dry bass I always liked about the ESS DAC just fits the Z7 very well (same effect using the Z7 on the Benchmark).
Besides the very good build quality I really like the small details such as the two rubber rails on top and bottom that allow me to put a device on top without scratching either one.