My question is a serious one. You can't make a blanket statement like you did without being specific about who is at risk. It's lazy and leaves a false impression. Of course my question merits discussion. That's why I asked it. The companies at risk are those where the Airpods Max play most competitively. Bose and Sony, of course. Notice, you didn't say Focal, Audeze, Sennheiser or any of the well known high end brands. That's because based on the market reaction, this is a fantastic consumer product, but it poses no threat to audiophile class companies. Indeed, the APM is not an audiophile class headphone.. In fact, it's more likely to help it as the consumer gets accustomed to the $550 price point for headphones.
I agree that the wireless APM doesn't give the same performance as full sized, wired, open back headphones (at least when BT connected; I still need to try wiring these into my AMP/DAC setup, as someone suggested).
However, where I think the APM fit into an audiophile's life is to enjoy music at a very nice level of fidelity more conveniently than before - at least over the Sony and Bose wireless options.
I can't speak first-hand for wireless comparisons like B&O's H95, though opinions vary there.
I can't speak for comparing to Panda. I really can't speak with confidence on many comparisons first hand
Still, based on the commentary of the wireless competition, and based on my personal experience looking for pleasing sound from hifi wireless headphones, I would definitely say the APM are a great compliment to the audiophiles wired collection. The APM allow me to finally move away from my computer to somewhere else in my space, or to travel outside of the home, with a pair that I can genuinely enjoy all media with, without feeling like I'm missing the sounds retrieved on my home setup.
Watching YouTube videos, I can hear the recording pick up little things in the background and the sounds of a person's mouth - as much as I would hear them with the HD 800's. The difference becomes the quality of that playback and the response differences. The APM do not exhibit the same quality as something like the 800's, but I'm finding the APM to retrieve the same sounds in recordings I feel are missing from many mid or lower gear but are present in most hifi cans.
Yes, I wouldn't replace the hifi with the APM, so yea I wouldn't say they meet those expectations. But the gap is surprisingly not very large. It's close enough that you could feel happy having the APM in your life whenever you leave your home setup. It's remarkable to me to have this ability for fidelity now on the go. And you can use them at home in situations where it's inconvenient to access your full setup.
Forget the price even. These are just great to fulfill a role hifi generally doesn't achieve. Then you say it's only $550? Really...really worth it.
Oh, and if the higher sub-bass isn't your taste though, as it isn't with me, you can use the accessibility trick others have pointed out to make them almost balanced without sacrificing quality in a major way.