No, I get the same. I am listening with my ER4S's at the moment so experimented with an album that is very quite so I knew I would not damage my hearing trying but the volume stays the same but there is a line out symbol displaying. Will report back later once I attach the 120 to my amp.
Just been listening to Amazing Grace from the Mormon tabernacle choir. In the previous firmware choices the massed voices sounded less cohesive but with 1.40 not only can the definition of the voices be hear but the different sections of the choir seem to occupy a clearer space within the sonic. It is also way less tiring to listen to, warmer yes but the odd thing is at the same time there is greater micro details to be heard. Normally one can't have one with the other but you do with this firmware. Orchestral is sublime, listening to a 24/96 version of Sibelius's second symphony and right out of the player with my ER4S's which are notoriously hard to drive there is scale and an effortless deliver that simply was not there yesterday when listening with 1.32.
Best bit for last. My biggest complaint sonically was listening to DSD. It sounded glassy and hard compared to 24/192 but no more, now I think I get what DSD is all about, so natural sounding and effortless, just beautiful.
Really eager to hear others thoughts on all of this but right now it feels like I have bought a whole new player.