I have had the ER4P twice and also the SM3. The problem with the SM3 is that is quite fickle with fit/tips but you can tune them to a great degree. It can have immense treble with spacers and UE single flanges but need an amp that way to tighten up the notes. With my Kanen tips and spacers They have quite a bit of treble though less than they are capable of. What I like about the Kanen tips is the tightness and speed of the bass. Just fine for someone who favorite phones are the Ety, CK10, DBA-02, and the like.
Source helps. My S639 is not the leanest or quickest on the bass front. Source make a big difference. The SM3 seems to mate with Sigmatel based sources better as far as being quicker and tighter down low.
Of course amping would necessitate the right choice also. You might go a bit more toward something warmer for the Ety and more neutral for the SM3.
The SM3 is tuned quite well for a stage monitor but for portable music listening it needs to be tweaked a bit.
I find it a nice upgrade to the ER4P especially unamped. Better, more natural decay, bigger stage and less compressed sounding. It splits the work and has the detail, micro-detail, and texture that the Ety can start to struggle with. When things get complex the Ety does struggle down low and starts to cut decay in an attempt to hit all the notes. The SM3 can hit all the notes and not start to short change on texture or low bass note decay.
If the OP is going unamped, I'll say it's diminishing returns(for me: $160/new ER4P vs. $299/ new SM3), as per usual, but the SM3 can be a nice upgrade if figured out. But more info on the OP's sources/music tastes, and what they want more that the ER4P isn't giving would be more helpful. The housings aren't as strong/durable as the Ety but for walking the dog or to the store, they should be fine.
And, OMG, they need to be burned in. When I first plugged them in to my S639, the word that came to mind was bloat-fest. The bass needs some hours to tighten up. I was ready to rip the people that said they had good synergy with Sony a new one but in the end they do pair very nicely with my Sony.