Are the KEF M200's a really really good buy? I might be picking some of up. I really need to take another 6 month break from Head-Fi as it always impacts my wallet, but I can't until I figure out which on ear headphones to get--for christmas--as I am on the fence about the V-Moda M100s. (>$300) I might also take a look at the KEF M200's just as a buy for myself because they look aesthetically pleasing to my eyes.
How do I answer this? Hmmm? Short answer is yes! I've heard no IEM better for under $300 MSRP. It's the most refined IEM I've heard for under $300 MSRP, and one of the most refined period. This all depends, however, on you getting a good fit. Some have (like myself), but many haven't. If the stock tips don't work for you, you need to tip roll. You will will need a tip (preferably silicon, but Comply foams work well too) that is big enough to fit over the earphone's wide nozzle. It should give you a great seal without a deep insertion. Back of the earphone resting inside of your inner-earlobe should give you outstanding rich, clean bass. Perfect seal equals heaven! I haven't heard a better earphone for $200.