Not at all. PFE122 is more detailed than IE7, better extended and doesn't have any bass boost or extra warmth. IE7 is noticeably darker and also more forward in the midrange, but not close to Ety forwardness. (3-5kHz)
Fit is also different - IE7 "inverse Darth Vader" is quite a bit larger, so it's possible it won't fit at all - both are over the ear only. Isolation is better in the Phonaks, which is actually saying IE7 isolation is very low, as IE7 is a semi-open dynamic driver.
Build quality is very good in both.
Edited by AstralStorm - 9/16/12 at 10:14pm