bravomailAfter rewatching video, and checking specs on output power, decided to get it on Massdrop for 60.
Here's quick translation of video:
Headphone output measured.
Very low noise (floor at 120dB or lower)
Very little harmonics (at 103-108db on my eye)
Enough power to drive Senn HD6xx.
Rolled off bass starts at 50Hz, reaches -1dB by 30Hz and about -3dB by 5-10Hz.
Rolled off bass is only on headphone out, not on RCA.
The reason for roll-off are 2 capacitors in signal path, which are used to block small DC (~1 mV) from Dac or Opamp. In stereo - total of 4 capacitors.
He draws schematics in video so everyone can understand.
Capacitors put to fight DC and the noise, caused by it on volume pot (resistor).
If you short-circuit last capacitor (2 in stereo) - roll off is completely gone.
But you will hear some gentle rustle while adjusting your volume.
Also, SMSL M3 is not for IEMs, due to poor balance of channels at low volume.
It is actually will sound its best with harder to drive headphones :)
Output impedance could be really low because headphone jack is directly connected to some opamp. So if your IEMs are 32 Ohm or higher - you should be fine.