Pros: Comfortable, attractive, priced reasonably.
Cons: Godawful mids that sound artificial and plastic.
This is the only pair of headphones I bought that I was never able to warm up to. The reason for this is that the mids - especially vocals - take on an unnatural, artificial and plasticky sound. They never sounded true to life and began to grate on me after short listening periods. They were OK for instrumental music, but even then, the tonality was off in the mids.
What's disappointing is that AKG dropped the K-501 and K-1000, and gave us this. The K-701/2 is nothing like AKG's previous efforts. I have the K-1000, K-340 and K-240DF, and used to have the K-501. All of those got the midrange right. I was expecting to love the K-701 as well, but like I said, the artificial tonality in the mids completely ruined them for me.
Strangely, the K-601 sounds halfway decent the times I've listened to it and I remain hopeful that AKG will introduce a model that gets the mids right. They used to have some of the best mids of any manufacturer.