I just picked up a set of PM-3's about a week and a half ago. Actually, the pair I'm using isn't mine, but the store owner tossed me the demo to use while I wait for my brand new set to come in. This is my first venture into planar magnetic. I was looking at the PM-2, but he wouldn't budge on the price much considering they are discontinued and the one set he had was a demo. I also heard the PM-2 are nowhere near the PM-1, and open back did concern me for listening at home (mom nagging because I do listen to music quite loud). I went into this set expecting a closed in sound, as magic is not real and one can not produce an open sound without some sort of back venting.
What first drew me to these phones, apart from being planars, was the impeccable quality and looks. I know know there is no leather on them, but the faux leather is of a better quality than real leather on other phones. When I slipped them on in the store, I felt immediately comfortable, no clamping, yet the outside world is blocked out. Some have stated they get hot wearing for long periods, but I've listened to them outside at work for 30 minutes in 30 degrees Celsius and have no complaints. The rest of of the cans look sturdy, well designed and...well essentially a Chinese company showing it can kick the quality of other manufacturers who have their stuff built in China. Now I'm not a lover of Chinese stuff, but I firmly believe manufacturers put effort into their stuff when it is made where the company is located.
Setup: I have been using an iPod with FIIO amps since I began getting into higher end portable audio. Currently I'm using a FIIO E12, and a 30 pin to lightning DAC adapter to my iPod. I hope to eventually get a DAC that works with OTG from my LG G5, but the E12 (and whatever the colorizing of sound it does) is my standard for now. Much of my music is lossless, a lot of it 16/44.1 or 24/44.1. There are a few 320 quality mp3 songs. My main listening includes jazz classics (Paul Desmond, Oscar Peterson, Miles Davis, etc), some more modern jazz and funk, classical, classic rock, classic pop, and 90s and early 2000's hip-hop/ rap. There is also some metal in there like Rammstein, and some celtic music, ranging from pure bagpipes, to celtic rock.
Bass: The bass on the PM-3's is somewhat strange. They clearly aren't a bass headphone, but they are capable of massive (to me) bass. With classical music, jazz and most rock, I find bass full and proper, not bloated, but there is the odd song where I feel the need for bass gain to be used on the E12. Now...put on Wiz Khalifa On My Level, and these cans rumble. There is no distortion even with this level of bass, and they extend below audible bass levels, to the points where you hear nothing for the most part, but feel the drivers going. Now, I'm no basshead, apart from the odd tune here and there, but the PM-3 surprise me a lot. On first listen, one would expect neutral, light bass, and with other similar signature phones, you can hear them fall apart when pushed. The PM-3 however, they can dish out what you want.
Mids: The mids on the PM-3 are extremely clear and detailed, to the point where breathing comes through, or even quiet background noises. The soundstage is the only thing that hurts the mids a tad, but the soundstage is about as good as it gets for closed back. I found the mids to be really present in the Bach Cello Suites, where every note sounded with power, yet every note rang distinct. With the business of many parts of the cello, such clear sound is not easily produced in other headphones that I have.
Highs: The highs are very clear, although slightly laid back on these headphones. I believe my E12 does have a warmer amping, or at least I've read it does, so this may be causing the highs to be recessed more than a neutral amping. Listening to Vivaldis Four Seasons, however, the highs of the violins come in strong, brilliant and exciting, letting you really feel the music.
I believe what the PM-3 represent is the superiority of planar drivers, with the ability to play without distortion, and to quickly produce sounds, where dynamics (unless multi driver with crossover) would fail.
My one true complaint about the PM-3 (soundstage and separation not being one, as I cannot fault a closed back for not sounding open) is the cable length. It isn't so much that the stock cable can't be useful, but a second shorter, on-the-go length would be nice, allowing one to slip their player in their pocket and not trip over the cord while walking. After a short bit of research, I found the Moon Audio Blue Dragon, but I am undecided as to whether it benefits the sound enough...paying the price to get a better length is not worth it on its own.
Overall, near perfection, open back is about all that would improve the sound, but that would sacrifice privacy and isolation.
These were made as consumer headphones at the time, since they came with cable that had a mic on it.
Now wired headphones are not as popular in the consumer market as they used to be before 2016.
As for pads and headband, yes there are solutions.
I have tried a few myself and the closest one to the original seems to be the one mentioned in the comment below.