Pros: Good natural sound quality, no intrusive design
Cons: Poorly fit for some ears
The sound quality is good, overall. It's true improvement over the previous model, as many have claimed. But, there is an ergonomic problem. To find a proper fit position is a rather hard thing for my ears, contrary to many claims. Consequently, the bass sound is attenuated. It's still punchy but the sub-bass is missing. And, while it sounds natural due to balanced high-low, some details are missing (especially from low freq). When I hold the buds to my ears, it is clear that this earphone has lots of bass actually. Maybe the design is intended so that while the bass is plenty, it will not enter our ears entirely due to the loose-position to produce a natural sound. It is quite responsive to headphone amplifier too. When I coupled it to my Graham Slee Voyager, it sounds better and the difference is significant. This is a good thing, I suppose. Now I wonder, will it sound better after several hours burn-in?
Well, the answer is yes, it will. But, the improvement is very subtle. Not every ears will be able to differentiate the burned-in earphone from the new ones. I also realized that the isolation is almost nonexistent. Indeed, I dare to say that there is no isolation at all! I would have given no star on isolation if it was possible. Even the leaky-cauldron iGrado has a little better isolation.
Well, the answer is yes, it will. But, the improvement is very subtle. Not every ears will be able to differentiate the burned-in earphone from the new ones. I also realized that the isolation is almost nonexistent. Indeed, I dare to say that there is no isolation at all! I would have given no star on isolation if it was possible. Even the leaky-cauldron iGrado has a little better isolation.

I've had my iPhone5 for a week now, but I haven't touched the new buds yet. Still using my old buds, but only for work conference calls as they really aren't good enough for anything else.
Might have to give these new buds a try.
@Brooko I have no idea w/ what u said about "foam set of covers". Do u mean like the Comply ones? I have never seen foam like that for EarPod, since the earphone's shape is quite uncommon
http://www.ebay.com/sch/i.html?_nkw=ipod+earbud+covers