I used to own them both. In my opinion the M50 may be good for studio (better: home-producing) purposes since they are more analytical and dry (in a positive manner). But for listening the ESW9 are just more sweet and fun. They are very different. The ESW9 are one of the very few phones I have till now, never thought of selling them and I think they are one of the best headphone buy I ever did. I just love their sound. I sold the M50 after owning them a year or so.
They may be uncomfortable. They clamp a bit if you have a bit bigger head. And one time I was not cautious enough and the ear cup holding part got broken. I then mailed AT US (I ordered them from US since they are not distributed in EU) and got replacement parts very quickly for free.
Edit: I forgot maybe the most important difference: While the M50 need an amp to drive them correctly, the ESW9 run from portable sources unamped perfectly. You wont notice any difference amped/unamped. On the other hand the M50 aren't really portable. Of course if you're looking for home phones and you own a good amp you should look elsewhere since the ESW9 are designed as pure portable headphones.
Edited by gitf03 - 9/21/11 at 5:33pm