Sounds similar to the signature acoustics o-16 that I have, but with a closed back design and not a wide soundstage. Yet, the materials look marvelous, which tempt me to purchase this headphone!
 
I think I'll wait a little longer before I buy another headphone though, the msr7 destroyed my reserves for owning another good headphone. This headphone may be on my wishlist as the materials, isolation, and over ear design is something that allures me about this product. Lambskin earpads are a win win for me as well, especially since I own lambskin earpads on my es700s. 
 
 
Nice review twister, this headphone from Master and Dynamic deserve some attention (though I truly hope the midrange isn't as forward to the point where it bothers people as tyll had experienced), at least for other ears.

Hi twister, can you please compare this to the Beyerdynamic T5Ps that I assume you've got?

@Jeff Y : I don't have T5p, it was a review loaner.  Also, comparing $1,400 audiophile quality T5p w/TOTL Tesla drivers to $400 Commercial headphones just makes no sense.  In terms of build quality, selection of material, portability, and general cool factor - MH40 wins hands down.  But sound quality of T5p is respectfully way above MH40.