You can like a phone more than it deserves if you've paid a lot for it and sat down with it solo.
Likewise, you can dislike a phone more than it deserves if you listen to it solo when you already have a chip on your shoulder about it for whatever reason.
There's nothing like a good listening shootout with some other cans to sort out all the psychology, and get down to the basics of sound. Here's an interesting read concerning a (casual) shootout between a PM1, an LCD2.2, an HD800, and some other cans... By and large, I think they nailed it with regards to the PM1 vs the LCD2 and HD800... But again, everyone's ears are different.
While that represented a lot of text to read, and was posted much earlier, generally found that multi-headphone comparison weak on comparisons to how the PM-1 fared. Have you listened to a PM-1 yet?