I picked up the Brainwavs HM5 velour pads for my M4U 1 last night and since there's very little discussion of them, I figured I should note my experience.
If you find that the stock leather pads are too tight, too hot, too sweaty, etc. then it's an absolute upgrade for comfort. The pleather pads would probably help as well, but I prefer velour for anything I have to wear for longer than ten minutes.
They definitely bleed out some bass, especially sub bass, and leak sound in both directions as you'd expect from velour. You can compensate with a bass-heavy amp or EQ, but if you're a bass head and/or don't have the option, this might be a deal breaker. They definitely sound and feel more airy and open, even though they still don't come close to leaking sound as much as open headphones tend to. If you blindfolded me in a quiet room and shoved these cans on my head, I might think they were open.
Overall, I think it was a great upgrade for listening at home with a bass-boosting amplifier. If I were using them on mobile / in public, I'd consider pleather instead.
EDIT: I said "what the hell" and splurged on hybrid angled pads after writing this, figuring the "losing" pads would go on my Shure SRH840 at work. They definitely bring back a lot of the bass - almost as good as stock - and for my perception, the soundstage is slightly improved. That said, they only barely fit. Meaning, they fit on my head but the cups have tilted as far as they're capable of to accommodate the pads. They're also a little bulkier, in that the thicker half of the pad will naturally stick out further. Overall, I think going hybrid is definitely worth it, but angled is harder to recommend based on fit. Some people will find them better than others.