I purchased a LIO from jtwrace fairly recently and I wanted to share my listening impressions.
My LIO is equipped with: Custom Silver AVC/Tubestage (includes JJ tubes)
MOSFET Amp, Headphone Amp, LIO Dac with streamer 7Vdc power (sMS or µRendu), Balanced Output Module, Line Level Input Module, "SS" upgrade (Silent Switching).
I intend on making this an ongoing review as I try more and more of the LIO's options (I love the flexibility of this thing!). Currently, I am using the LIO as a traditional integrated amp. The analog signal is coming from my NAD Masters M51 DAC via the Balanced inputs. The LIO's amp module is driving Fujistu TD712zMK2 speakers. Not many are familiar with this speaker, so I will include a link for those that wish to learn more. (
http://www.eclipse-td.com/uk/products/td712zmk2/index.html). BTW, the Fujitsu speakers are rated 84dB/watt/m. So not exactly efficient, but there is no crossover.
My prior amps were nCore monos and I was feeding the nCores directly from the NAD M51.
So, how does the LIO compare? Well, I was expecting the LIO to sound marginally better, but I was not prepared to hear how much better! This is truly a remarkable piece of equipment. I expected and was not disappointed in the black background, but I didn't expect to hear more details in the music. I am seriously hearing instruments being brought out of the shadows on certain tracks. More importantly every song sounds more musical. They drive my less-than-efficient Fujitsu speakers with grace and ease. I certainly do not need any more watts.
Vinnie has really hit one out of the park with this thing! (I know I am not the first to say so)

I will add to this as I try the original DAC and the DAC 2.0, which I pre-ordered.
Thanks for reading!