Picked up the Red 'cos i needed something small for my portable rig (ipod touch). My impression is this thing doesn't sound "perfect" by any measure, but it does sound very musical to my ears. Once u hear it, u will never want to go back to the standard headphone jack output. This thing is a keeper, no question. But that's not all yet. This little dongle surprises me with its capability when i paired it with my PC+speakers. Instantly i could hear a livelier sound with deeper bass and depth and expanded soundstage. My bookshelf speakers never sounded this good before! It gives my Fostex desktop dac/amp a good run for its money. Think i will get another Dragonfly Red (maybe a secondhand unit) just for my desktop setup.
4 star for portable headphone setup (ipod touch + grado 325x).
5 star for desktop PC speaker setup (Audioengine A5+).