Well, I've been using this thing for about a month and my admiration continues to grow. Detailed, warm reproduction through all sound ranges without being overly analytical or harsh. It drives my venerable, 20+ year old MDR-V6's without an amp quite nicely and without any bass rolloff. When using FLAC files this thing is every bit as good as any portable CD player I've used. I may still buy a Sony if/when they ever get around to selling 32gb units, but the more I use the Fuze that harder Sony is going to have to sell me.
A note about the EQ -- I've never been a big fan of significant EQ adjusting anyway, and wiser, more experienced people here warn that the Fuze EQ is crap, however I've found that setting the bass EQ only at just +1 provides a modest bass boost without any noticeable distortion/degradation in SQ. As always, YMMV and perhaps top end cans/IEMs would reveal some distortion I'm not hearing, but it works for me (I know my V6's pretty well after all these years and I think I'd hear any distortion).