M200 vs W4 - Again from memory. I sold the 232 and got the W4. I liked the fit and sound of the W4 a little more than the 232. My point of reference is the Ety ER4P/S. I like a little more analytical, bright, transparent sound than smooth and laid back. With that being said the M200 is closer to the Ety sound than the W4. I'm having trouble describing what the difference is to me. Where I might sit and listen to the W4 as background music the M200 is for when I just want to listen to the music. Yesterday at work I found myself listening more to the headphones than paying attention to work so after a while I took them off. Part of it was because they are new, but I don't remember having that feeling with either the 232 or W4. I'm not sure what the right audiophile adjective is - clarity, edgy, punch, bright, etc that's what the M200 has compared to the smooth, pleasnt, soft nature of the W4 and 232. Again, all three are excellent at what they do, I could be happy listening to any of them, but I lean towards the Ety/M200 sound, and then the M200 over the Ety for sub bass and punch. The difference is more apparent with live recordings. The live recording of Holy Mother by Eric Clapton is a good example. Anything off Jeff Beck's Performing This week Live at Ronnie Scott's is another good example The M200 gives you a more realistic rendition of a live performance than the W4 or 232. The same analysis applies to why I like the M500 versus the Momentum, and why the AKG 702 anniversary and Beyer T1 appeal to me. Hope that helps.