Pros: It looks expensive. It looks nice. Sound? Bassy and mid-focused. Good for casual listening and nothing more.
Cons: Horrible, flimsy, creaking build. Terrible clarity, bass covers and muffles up the treble. Extremely uncomfortable.
I definitely won't be buying another Bowers & Wilkins product. That's for sure. After THIS headphone, no. I've had it with the fancy British design which achieves NOTHING in practicality.
The P3 is a small on-ear headphone, the cheapest of all B&W headphones (excluding the C5 Series 2, which is an in-ear headphone). It costs $199. It looks extremely nice, with soft-touch rubber and aluminium faceplates and chrome hinges.
Sound? Sound is, in my opinion, probably on par with a Beats product. Beats is probably even better. The sound on the P3 is a mess: muddy, unclear, but somewhat pleasant for casual listening. Yes, it has a good soundstage, yes it has good bass, but it's just like someone not putting their glasses on-->blurry, unclear. Extremely disappointed with sound on the P3. Terrible value for money.
Even if the sound was good enough for an average consumer, the design is horrible, the comfort is even worse. The design certainly looks appealing, what with the fancy chrome hinges and whatnot. However, when you touch it, it just reeks flimsyness. Extremely poor build. One of my ear cups makes a disgusting creaking sound whenever I press it. As for comfort, the two earcups sort of "eat" your ears like a hungry crocodile. No. Just no. Smaller ear cups=higher pressure exerted on ears. Design fail. Also small, thin headband also=higher pressure on top of head. Another design fail.
In conclusion, your $199 is better spent somewhere else. Bowers & Wilkins is a failure in both design and sound, at least for this product. I'm never buying a B&W product again.