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Curious--how does the C421/8620 compare to the PA2V2 with the HD25's? I know the PA2V2 is fairly well regarded, and the main thing that stopped me from trying it was the dimensions didn't seem very pocketable (would have preferred flatter even if bigger in the other dimensions, like the C421). I'm waiting on a C421/2227 based on Headfonia Mike's recommendation, and because the HD25 is a mildly-bright can to begin with and I worried it might be too bright with the 8620.
I'm in my cubicle with the HD25 and both the PA2V2 and c421/8620. I've listened to a handful of tracks back and forth. For reference, they included:
- Adele, "Rolling in the Deep"
- The Civil Wars, "Poison and Wine"
- Ella Fitzgerald, "Bewitched, Bothered, and Bewildered"
and a more rocking song for good measure (well, at the end, at least)
- The Black Keys, "Little Black Submarine"
I like using female vocals as it's one of the things I focus on when listening to music, so hence it is more or less my reference when evaluating headphones and the like. These tracks also include some of the following: tambourine, cymbal, piano, and guitar, which I used as an indicator of the brightness or treble emphasis. I do honestly think the c421 has smoothed out since I got it in late December. The PA2V2 I've had basically a year, so it is well run in. As I alluded to before, the PA2V2 is tilted more to the warm side and I'm guessing might be closer to the smoothness of the c421/2227 that Headfonia Mike has mentioned in his postings on FB. The 8620 on the other hand is tilted more to the upper-mid/treble, so there is a little more air under the vocals. The PA2V2 is a little more "weighty" and grounded with the vocals, and if you want to call that "smoother," I think that is what I hear. The c421 is a bit more forward and clear in the upper mid and treble (if you want to say "detailed" I can go with that - I'm still coming to grips with some of this terminology, can you tell?). It is more forward with the guitar riffs on the Black Keys' track and the piano on some of the others. The other way to look at it is there is generally a little more right hand piano emphasis on the c421/8620 and more left hand piano emphasis on the PA2V2. I think the PA2V2 might play a notch bassier, but the c421 may have a little more punch, if that makes any sense. Flipping the bass boost on the c421 brings it up like 4 notches, and it doesn't really bleed into and affect the midrange, so the vocals actually still sound about the same.
To wrap up, I wouldn't say the c421/8620 & HD25 combo is TOO bright, but it might not be favorable to everyone's ears, depending on your tolerances. A month ago, I was leaning towards it being too bright. Also realize I've only had the HD25 about as long as the c421, so there may be some synergystic breaking in going on, who knows.
I did have a chance to listen to some Grado SR80i and 125i with my c421 a few weeks ago and that was not really an ideal combo. It brought out a lot of sibilance, esp. with the SR80i's.
Lastly, the form factor of the c421 wins over the PA2V2, though the battery life of the PA2V2 (I'm running Sanyo Eneloops) is amazing. Hope that wasn't too long winded.
Forgot to add, while I didn't notice that much this time around, in previous comparison (using Shure SRH840) the PA2V2 plays slower, while the c421 plays a quicker pace. It was actually quite interesting to hear it, because it is a somewhat abstract thing to comprehend. I found that intriguing since many reviews of the PA2V2 I've read praise it for its PRaT. It makes some sense, though, because of the darker/warmer signature that it would sound slower.
) so you have to take a chance to see which one you like! You could always order two and sell the one you like less! lol 
