I have a Lavry DA10 that I bought with the specific intention of using as a DAC and Preamp in a speaker system. In that role, it is getting sourced by a SqueezeBox3, CD Transport, or iRiver iHP-120 in turns (gotta love those three inputs), then the balanced output goes to a Bryston 3B ST power amp, and on to my speakers. A lovely setup that does everything I need.
This being Head-Fi, however, I could not resist checking out the Lavry's internal headphone amp, and connecting up balanced cables to Senn HD650's to try the balanced XLR outs. I was very impressed with both. The Lavry's headphone amp is easily the equal of my Corda Aria, but a little different - perhaps a tad more forward. Ah, but the balanced outs to the 650's - I was shocked at how good that combo sounded. The Senns came alive with great soundstage, both side to side and front to back, and very nice detail and separation of instruments, vocals, etc accross that stage. Just lovely.
So, although I did not get my Lavry with the intention of using it as a headphone amplifier, I would not hesitate to recommend it for such use based on what I heard from it.