So, my initial thoughts/impressions on the Airpods Max "vs" the Sennheiser Momentum 3 Wireless:
The APM have the "better" bass. Less in quantity, less "exciting", less kick as well but wonderfully precise and articulate. I always have the EQ in the Sennheiser app set to -2db bass because of their bass, while fun, is a bit too thick and bloated for me. That solved it fairly well, though.
The mids are very good on both headphones. Tough to pick a winner here for me. The M3 always have the advantage, though, that you can EQ them easily if you want to. Other than that, both are great.
I prefer the highs on the M3. The highs, for me, are the "weak point" of the Max. They are a bit subdued and try to play it safe, resulting in me wanting more space, air and sparkle. The APM are very relaxing to listen to because of that but I would EQ them a bit if I could.
I think the APM have better instrument separation, though and do this very well for a set of closed back Bluetooth headphones. Both have good imaging, maybe slightly better even on the M3. The Sennheiser do get significantly louder than the APM Max which I always liked. Not that loud listening is recommended but once in a while it can be a nice thing to do
I wasn't able to test the Airpods wired yet but the M3 sound the best via USB-C audio for me.
So, as far as sound goes, I think I still do prefer the (Eq'd) M3 but the APM are a very good sounding set. I haven't even really tried Spatial audio, yet which could supposedly be a lot of fun.
Where the Airpods absolutely shine in comparison, though, is when it comes to their transparency mode. Simply amazing and much better than the M3. Same goes for ANC. The ANC on the M3 is sufficient but doesn't come close to that on the Airpods. Call quality likewise is definitely better on the APM, while only ok (not bad) on the M3.
Both headphones have very good build quality but the Airpods have the even better one. They feel sturdy and luxurious but we don't know about long term yet of course, especially that mash headband might be a concern.
Comfort is a tie (for my head at least). I always found the M3 to be comfy and I think the same of the APM now. Which is a job well done by Apple as the weight distribution really needed to be really good considering their hefty weight. I also prefer the form factor of the APM while wearing them on the head. Much slimmer/sleeker.
Battery life seems slightly better on the APM but both get the job done for me.
I don't like both cases but the Sennheiser case at the very least is a case. Every additional word on the APM case is a wasted one. I like the foldable design of the Sennheiser better tbh but I love the detachable earcups on the Max, even if they are obviously ridiculously overpriced.
Which makes me come to price. Well, only comparing their initial release prices for fairness sake, the M3 were 399€ and the Airpods 600€ here which is a whopping 200€ difference. If you want to match the 2 year warranty that the Sennheiser offer, you have to buy Apple Care+ for another 59€. And don't forget the 39€ for the audio cable that the M3 already come with. Not everyone needs both of that, obviously, but the price difference can go up to 300€ here.
The APM, however, is not a 300€ better headphone than the M3 for me. Definitely not in pure sound quality. I'm deeply im the Apple/iOS eco system, though, so the convenience factor is a big one here.
All things considered, I will still keep the APM, mainly because of their excellent ANC, transparency mode and call quality. The sound quality is really good but not a reason to pay 600€ on them. They are excellent but very pricey allrounders, though. The M3 on the other hand still have a lot going for them, especially if you are on Android/Windows.