My impressions of the Merlins:
First off, I am not a professional reviewer so I'm just gonna type out how I feel. I've owned IEM's such as shure530, re0, tf10, monster turbine copper pro, and sennheiser ie8's so I have some decent experience with IEM's. I have never owned a custom before and am currently in search of one that fits my needs. As well all know, customs are so expensive and hard to hear due to them being custom so you really only have other people's impressions to go off of. Take anything I say with a grain of salt as I'm just going off of my own ears.
I really bought into the hype of these iem's as they seemed like they were everything that I wanted. Looking at the original frequency chart (v1) showed me that the bass would be boosted where I like it in the sub frequencies, the mids would be just about right, and the treble detail would be a bit smooth yet detailed at the same time without being sibilant (UM house sound). When I received my demo pair (v2) the frequency chart was quite a bit different. The difference was huge as in a -5db decrease in the whole frequency spectrum above 500hz. UM themselves had said that it was changed due to the fact that it was too close in sound to the Miracles so they wanted to differentiate it even more with the new version. Personally based on frequency chart, I would consider the v1 almost perfect for my needs but that's a whole other story since they don't produce the v1's anymore. I really liked the idea of how the Merlin seemed like it was gonna be exactly like the Miracle but with a dynamic sub bass boost but in the end they changed it. That -5db change in everything above 500hz is a HUGE shift in sound so keep that in mind while reading this.
When listening to the Merlins, you are initially blown away by the bass quantity. I don't really think I've heard better bass out of a dynamic driver before but it might have been because I've never had one shoved into my ear canal that deep. Regardless of the insertion depth, it was really impactful and seemed like a mini subwoofer in my ear. Even with the massive impact it didn't feel like the bass was muddy, also even with the lack of burn in, the dynamic driver didn't seem to put out a flabby sound either. I could tell that with time it would tighten up a quite a bit. I would also say that the bass really does have a visceral impact and it is just about the right amount for a semi-basshead like myself. Compared to my ie8's, the bass felt more realistic and it didn't really seem as midbass focused as them either.
As for the mids and highs I would say that I was left wanting more. I honestly think it's because of the way the sound signature is and how the IEM is presented. It's almost like the main focus of the IEM is to showcase the power of the bass while the mids and highs take a backseat to it. I will go out and say that I like my treble at least semi-sparkly and you can hear the details on the Merlin but for me, I was always left wanting more. I tried them with various sources including my fuze out, fuze > lod > e11 combo, and my NFB-11. I'm not sure if it's because of it's weird 12ohm impedance but it almost felt like if I couldn't power it to it's full capacity. That might have been because of how I felt everything took a backseat to the bass though.
Soundstage wise, it wasn't quite as wide as the IE8's but it wasn't that far off. I do think the ie8 is more coherent throughout the whole frequency spectrum but I do like how the Merlin presented the music. The combination of a dynamic driver in the sub frequencies matched with the accuracy and quickness of a balanced armature is probably the way of the future. I really can't wait to hear what companies make of the technology and how it sounds after it's matured a bit.
I did try the Merlins with my friends twag v2 cable balanced out of his protector and it really didn't sound too much different. I had my friend A/B the Merlins compared to his 1964q's and he could tell the difference with his quads more with the balanced protector than the Merlins. Keep in mind the Merlins are just a demo so that could be greatly influencing that statement as well. I also tried his 1964-Q's pushed into my ear and while I felt the Merlins highs were a little subdued, the 1964-Q's were quite a bit more subdued for my tastes.
Closing thoughts:
Throughout demoing the Merlins for a week and A/B'ing between the IE8's, I gotta say that if the sound were just based off of the demo, I would easily keep my IE8's. I've spoken to project86 (I'm not sure if it's ok with you to post your statements but let me know and I'll take it out) who owns the v2 version and had the demo for a short period and he told me that he felt the demo didn't sound like it was even worth $500. However he went on and stated that he DID actually feel like the Merlin v2 fully custom sounds like a $800 custom.
I've never owned a custom so I'm not exactly sure how much of a difference a custom would actually make. I was going to buy the Merlins right away but I'm very curious on what other people with customs have to say about it first. The Merlin really showed a lot of promise but I guess we'll have to wait and see if the Merlin's magic is really the one for me.