Is this an apples-to-apples comparison? Both amplifiers seem to be full-featured and of great pedigree and about the same price.
Hi JP78,
Thank you for your post. You are correct in that LIO can be configured as a full-featured integrated amplifier. As others
have mentioned, the D-120 is a great looking product and seems to be loaded with plenty of features. Based on what I've read about
the D-120, there are numerous differences in implementation between LIO and the D-120. I am not here to state which is
better (
only YOU can be the judge by listening to both units in YOUR system 
), but they take a different design approach as well
as a different sales/marketing approach. In no particular order, here are some of the differences that I see:
(1) With LIO, you can custom configure and pay for only the features that you need at the time of purchase. You can also later add features if your needs change. So if you don't need a fully loaded unit, you don't have to pay for modules (features) that you don't need and may never use.
(2) LIO is only sold factory-direct (if it was sold via distribution/dealers, the price would more than double), and with a
30-day return policy. D-120 is sold via distribution and dealers, and each probably has a different return policy and level
of customer service.
(3) LIO's warranty is 10-years (vs. 2 or 3 years for the D 120, as stated on their website)
(4) LIO's analog inputs (line level and phono) are not converted to digital using an A to D converter. I believe
Devialet does A/D conversion with their products because they offer other features that rely on digital signal processing (DSP). So
with D-120 - analog is converted to digital, then processed, and then converted back to analog via D to A. With LIO,
analog IN = analog OUT.
(5) LIO's volume control (both RVC and AVC) is done in the analog domain, not digital domain like the D-120.
(6) LIO offers a Tubestage module
(7) LIO offers a headphone amp (HPA) module, with a headphone jack on the front panel (SE or BAL output). It looks like the D-120 has
optional preamp outputs that can also be used to drive headphones - but I am not clear on how that works. I don't believe it is a dedicated
headphone amplifier stage.
(8.) LIO's PURE-DC-4EVR ultracapacitor power supply feeds all audio circuitry with pure, high current DC that is 100% isolated from
the AC mains at all times. D-120 uses an internal switch mode power supply with no isolation from the power grid.
(9) LIO's Phonostage is all analog (including the step-up transformers, JFET gain stages and RIAA). D-120 converts to digital (A to D) for
phono and RIAA (as mentioned above regarding their line level inputs as well).
(10) LIO's speaker output stage is Class AB. The D-120's speaker output stage is Class D (and offers more power).
(11) D-120 offers wireless streaming. LIO does not at this time (but give me a few months

)
(12) With LIO, you can also customize the enclosure at any time (and we do plan to offer different front panels, tops plates, knobs, etc.). I'm pretty sure the D-120 does not offer this customization of appearance.
(13) We plan to offer many types of modules in the future based on user feedback (e.g. there is a thread on this forum with your ideas / suggestions - thank you!). The user can add in features and upgrades at any time. LIO does not become obsolete to you. So for example, if you wanted a different tubestage, different speaker amp stage (Class A, as has been requested), different d/a chipset, balanced in's and out's, etc. - you can later add these in. You don't have to sell you LIO to find a product that meets your changing needs and desires to experiment with different circuit topologies. This will be much easier and less expensive than selling your component on the used market (where you typically get 50% or less of the new price that you paid).
(14) If a certain module of the LIO is damaged/defective, we send you a replacement and you quickly install it. With the D-120, you need to ship it back to the manufacturer to repair.
(15) It looks like you can hang the D-120 on the wall, but you cannot with LIO.
I'm sure there are a handful of other differences,
and in no way am I saying one is better than the other. These are just things to consider when you look into which product would be better for your needs, and what offers a better value to you - both now and later.
Also, if I have made any mistakes in regards to what I wrote about the D-120, PLEASE let me know and I will fix them. What I wrote is based on what I could gather from their website, but I may have interpreted something incorrectly and I apologize in advance if I have done so.
I hope this helps,
Vinnie