As someone who has gone thru a number of these kilobuck phones myself, I can honestly tell you that they are not. You're paying for that last 10% of performance and refinement when you shell out for a 1K+ phone. I think phones like the Flat-4, ASG-2, Heaven S/V/VI, Ex-1000, and likely the F-111 and FA-04 come respectably close to the sound of TOTL IEMs. The extra $800 bucks is netting you increased resolution, a more precise and defined stage, better treble/midrange/bass refinement/balance, and more detail. Is it worth it to some people? Yeah, it is, but is it worth it to all people, even enthusiasts on this forum? Nah, definitely not