Apos Audio delivered my SP400 last Saturday, amazingly quickly from Shenzhen Audio in China. I tested the SP400 briefly to make sure it works. Today, I compared volume level of SP400 with that of Topping A90. Each driven by Topping D90 at 0 dBFS, balanced connection with XLR cables. Yes, A90 does sound louder at 12 o'clock than SP400 at volume level 50, but that depends on the scales. The volume change from Low to Med to High at fixed volume knob position is more on the A90 than on the SP400.
But the SP400 has more than enough power to drive normal headphones well. I can run single-ended HD650 to comfortably loud volume at volume level of 54, and Focal Elex on XLR cable is loud enough at about 42, both at Low Gain. Even 470 ohm ATH-R70x with single-ended cable is loud enough at volume level 65. I can raise the volume level with R70x to 96, which would result in hearing damage if longer than a minute I think. Though at that level there is some distortion, whether from R70x or SP400 I do not know.
At normal volumes, the sound of the SP400 is great like that of the A90. Who will win the SINAD battle here I have no idea. Will have to wait for Amir's review. Though I doubt if even a colony of trained bats could tell the difference. The 50mV SINAD would be most interesting.
Actually bought the SP400 for its remote control and perfect channel balance, likely for use as a pre-amp to drive SMSL DA-8s and future power amp. Though I still have no idea what the function of a pre-amp is. Is it mainly to gather multiple inputs and select among them? In this day and age, wouldn't a DAC with multiple inputs (like an AVR) function better in this regard, as many sources may output digital signals?