Well guys, I'm not sayin this may be, in the end, my being effected by "placebo"(or however you say it), but I've been burning in my k701 with pink noise for two days now, and the improvement is DRAMATIC.
Before using pink noise, I'd concluded that overall, my dt880 was a better headphone. Instruments were more "transparent" sounding on the dt880s, and sweeter to the ears. After burning the k701 with pink noise for 8 hours, I spent a night listening to it, and I was very impressed. Notes gained that sweetness that the dt880 conveyed, and the overall sound signature was very airy, even more so...than the dt880. Now THAT was a first.
I haven't really tested out the k701's bass extension since using pink noise on it, but I will be patient, and hope that it reaches the sublevels that the dt880 can reach. I'm still hoping for a bit more highs sparkle. The dt880's highs is very sparkly to me, and also extends effortlessly, but seemingly at the expense of being aggressive. The k701's Highs are the opposite: gentle, little sparkle, and restrained in range. I'm hoping that the k701's highs can attain the sparkle that the dt880 has, without the harshness. To me, then the k701 would be a perfect headphone, sound wise.
*edit* oh yea, I'm so excited about pink noise now that, even though my dt880s has well over 200 hours on them(via normal listening, not burn-in), I think I will and should spend some time burning them in with pink noise, just to see if there will be any improvements on an already great headphone.