Pros: Detailed, natural sound, good soundstage, very comfortable.
Cons: A little loose fitting... can't think of anything else.
Great headphones. Seriously, I'm really impresed with the detailed and excellent natural balanced sound that this unit delivers.
I currently own the K712 pro and the K702 65th Anniversary Edition, and both are great, but I think the K702 AE is a little bit better. Although both models perform really similar, I found that the K712 has slightly more bass volume; but the K702 65th Anniversay Edition has a slightly more defined deep bass. The K702/65th also feel more airy and a little bit brighter (without being harsh) when compared to the K712, that would be because of the increased bass of the K712 I believe.
Very comfortable when sitting upright, but a bit loose when bending forward or looking down.
I'm not an expert, nor a collector, but the K705 65th Anniversary Edition are the best headphones I have own (Sennheiser HD600, AKG K701 and a lot others closed back). I'm using them to work on my home studio mixes and "masters" as well as to listen to music at home.