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Right just consider me a resident expert on this one, I have a Cyrus CD8 plugged into a DAC X which feeds a Sugden Headphone amp into Senn 650's. (A ?000 headphone system.) I'm a certified audiophile nut!
I copied a JVC XRCD (audiophile disc) (Doug Macleod) onto The N95 at the higest setting and listened through a pair of Shure E5c's (?00) as well as the Senn's (?70).
Firstly the N95 doesn't have the power to drive the Senns to high volume, but the sound is crisp and balanced. Now on the E5c's which are more sensitive the volume gets louder, but even at 100% it won't deafen you, (maybe a good thing?) but, turn on "Stereo widening" and sit back and enjoy! Yes there is a background hiss, which you can really hear between songs or in quite passages, but this is a phone and it is doing other things at the same time, but IMHO it's as good as any portable player without a dedicated amp that I've heard!