Hi,
I'll chime in here a little. Based on my experience w/ the D-465, it is a fine Discman w/ an excellent built quality. It has many qualities of the D-E905 but falls a bit short. In general, D-465 is a bright sounding PCDP with very good midrange. The bass line is about the same as my D-E905, just adequate, and not as punchy as the D-777. I rate the D-E905 a notch higher in term of headphone out.
The line out/optical output on the D465 is good, but not excellent like the D-R905. On my portable Meta42 setup, the D-465 sounds comparable to my Panasonic SL-S651C, and just a notch behind the D-777. I still rate my D-E905 as having better line out and headphone out performacne than the mentioned unit. But the active user might prefer the 20sec ESP of the D-465. Size wise the D-467 is almost twice as thick to the thickness of D-777, D-311, and D-E905.
At the top of my Discman world, I vote for D-303, D-311, and D-515. The D-303 definitely has the best line out of any Sony discmans period. The D-303's line out is simply packed w/ details, soundstage, bass notes, and treble energy of full sized unit. "Yes" the full sized player is a bit better, but believe me you won't miss much from the full sized player with the D-303.
On the headphone out, D-311 and D-515 are at the top in my book, both exhibits similar traits in sound quality. I found that the D-311 is slightly better, having slightly warmer sound and smoother frequency throught out. Both D-311 features DSP settings (3 step DDS, and Bassboost), which also works in the line out mode. D-515 is the fisrt Discman to have 3 sec ESP.
Purk