Just want to add that LP5 has been reviewed already, by me and a few others on head-fi, so you can get an idea what this DAP is about. Keep in mind, we only had Gold review sample, that is the one you want to get, it's superior in sound quality over Silver. $700 listed here is for Silver, not Gold. For Gold you will need to add $250 on top of it, if you are spending that much money - might as well buy the best version. Also, don't want people to be confused with Penon pricing, their default price lists Silver, not Gold.
As a collector of dap this my cup of tea. I loved my C4 till calyx M arrived. And now I am busy with lotoo paw gold which has set a new standard for me.
Sadly ak120 was just a bad failure.
There's not that many reviews of this one in the Western world, but I wanted to give it a try and ended up liking them enough to want to offer it on the site.
The good:
Snappy UI
No hassle drag & drop
32/64 GB internal memory with the ability to expand
Line Out, SPDIF options
USB DAC supports 24/192
The sound, I preferred it over many DAP units we have at the office. The LP5 would have been a flop if this wasn't such a redeeming feature.
The bad:
Volume knob is pretty meh
No ability to create playlists, lack of support for Album Art
Slightly tacky looking design (IMO)
They did a lot of good, then made a couple questionable design decisions that make it difficult for me to recommend the unit universally to everyone.
I've listened to every popular DAP on the market, but I'm not in a position to make direct comparisons. If you're a brave, curious individual in the market for a high-end DAP, definitely report back if you have one or pick one up for a listen.
Got both X3ii and X5ii with me now, and X5ii is more than just additional SD slot ;) FiiO did a fantastic job with new amplifier section, ahead of X5 for sure. X3ii is fantastic, but it's better for neutral/brighter headphones since it's warmer in sound sig, while X5ii is more revealing/detailed. Approaching Cayin N6 level. But none of them come close to LP5 Gold in sound quality, not even AK120ii I still have with me now. LP5 Gold sound quality is top notch, but interface is rather primitive. Its strength is sound quality and boutique look with exotic materials and top notch hand picked components.
I've got the X5. Love everything about it, Lately picked up a xDuoo x-3 a set of Sennhieser HD-650 for a couple bucks more and I'm cooking.. Material, components leave much to be desired to.