Hi Everybody! I can clarify some details being a developer of this device
Neutron HiFi DAC V1 is wearable/portable USB DAC, so it does not try to compete with like Topping D50 and similar stationary USB DACs by output power (it clear taking into account the device size) but DAC V1 excels in hig-precision output (dual clocking with 2 SPXO chips, careful digital and analog PCB routing, ultra-low noise power supply, in-house firmware guarantees absence of packet loss [can be an issue for many DACs known from Neutron Music Player (NMP) development and support of user cases]).
The idea was to make a very portable (DAC V1 is really small and lightweight) but high-precision audiophile-grade device, therefore there were no compromises for components and materials used for the device.
Yes, EQ is per channel. It is particularly important for users who need to correct frequency response of one of the channels due to hearing issues (there are users of NMP using its EQ to do the same). The nice thing is that now you can do this correction and listen to different audio sources, not just via NMP, and get similar frequency correction.
Just a side note, Neutron HiFi DAC V1 will be supported in the way as NMP is developed - users are driving the functionality. So, if some interesting DSP feature is requested and it can be handled by MCU then why not adding it. Therefore at this moment you have this list of features/functionality but it can be extended with time as DAC V1 supports OTA firmware updates with NConfigurator companion app (you likely saw its screenshots in User Manual).
DAC V1's page is being constantly updated (based on received feedback from users), so usage scenarios were clarified recently in more detail, you could have a look one more time again:
http://neutronhifi.com/devices/dac/v1
If any other questions, I will be glad to clarify.