Man those things are ugly. Having read about the LCD-2 in the HE5 thread I was excited to pick one of them to make a foray into orthos, but I think the decision has been made for me by way of aesthetics, unless the LCD-2 undergoes a major headband redesign before it is actually released. I am all for the importance sound quality, but if the LCD-2 and HE-5 are in the same league, I couldn't buy the LCD-2 as it stands.
Leather/pleather pads on the LCD-2, and velour on the HE5?
The LCD-2 gets my vote. My experience with orthos is that sealing the ear chamber is of paramount importance. I wasn't greatly impressed with the LCD-1 because the donor headphone was so lame, but the driver was a sweet bit of kit. I'd be very keen to hear this new version. As for the headband, yes its not as pretty as the HE5, but I'll bet that it's more comfortable given the weight of these big ortho drivers. As for overall looks, they're both better than any pretty headphone which has had a Jenalabs cable put on it.
I actually like the somewhat industrial design of the LCD-2 headband. Couple that with the leather pads and the awesome drivers, and the LCD-2 wins out for me. All I need is a good cable with a 4 pin XLR, and that should be easy enough to come by.