You might want to check out my review: http://www.head-fi.org/t/591929/philips-fidelio-l1-review-and-appreciation-updated
I also had the ZX700 and I think the L1 is easily two classes above. I saw a comment by Tyll somewhere saying they are on par, which made my jaw drop.
IMO, the Sony has far inferior resolution, much narrower soundstage, less controlled bass and obviously not the same build quality and materials.
The L1 will sound bigger because it has more bass and a bigger soundstage. You will have to try out if you like that.
@Elitist: Considering Sennheiser did not change a lot, just improved materials and added iDevice support, the decision will be very easy to handle: comfort VS isolation.
I've used my L1 on four business trips already. That's 48 hours train rides alone and I was very happy to have the Philips. Isolation is enough to enjoy music, but it let's enough through as to not lose awareness. I would not use it on a plane, though.












