I liked the K272 very much and preferred them to anything that was closed and sub 200usd, even more. Had the SRH840, HD25-1 before.. They're really smooth and easy to listen to and not to mention comfortable. Discerning instruments is easy and they play to the note. No harsh peaks anywhere.
I ran into the KNS8400 and have owned those for the past few weeks and they're the only headphone that in many ways are much better than the K272. Especially for a musician. I find myself listening to music more and distinguishing everything much better than with anything else. Pitch articulation is absolutely phenomenal: listening to trumpet players' improvisation and little vibratos and other musical cues become audible, even on poor masters. So do small guitar slides changing note at different volumes (great dynamics). My girlfriend has played the trumpet quite a long time and when I played some familiar music to her through these cans, she became sad as she had tabbed notes for her band project not completely wrong, but largely lacking, using a different pair of headphones (might've been the HD25-1). So, for modal jazz, harmonically or rhythmically rich music, these are absolutely worth it. For someone (dare I say most of head-fi), who listens to mainly vocals and appreciates a particular presentation, there might be more seducing options. But for the musician, I can't recommend these enough.
One small caveat: the treble is still a bit too forward. It's remarkably fast, discerning cymbal work with ease, for instance, but relative to the rest of the FR, it's a little loud... I've somewhat gotten used to this, but at louder volumes they become a bit fatiguing.
I haven't heard the 501, but I doubt the K272 will feed any bass-needs.. It's clear in its presentation, making everything audible, but doesn't provide that 'thump' many crave for. The KNS8400 is a bit louder, but also tighter and better at pitch articulation. At first they didn't discern some material (Aynsley Dunbar's kick drum on a Zappa album), I noticed, but now they do and much better when going back to the K272. Burn-in? They hadn't been played for longer than 30 minutes then... I dunno. Hard to believe it's in my head, because a concrete subject was at first inaudible, but then audible... Hmm. 
Anyways, for 50 bucks less, I'd say go for these.