OK...I'm starting to get a bit more comfortable with these cans. Enough to give a few more impressions after about 40 hours of burn in:
1) I think it was markl that mentioned that these seem to be a bit touchy about how they are placed on one's head. I would tend to agree. I noticed that they sounded a bit flat earlier today, and noticed that they had rode up a bit on one side. Once I repositioned them correctly, I noticed a BIG change in SQ. So be aware of this when using them.
2) They are still a bit on the bright side, but the bass is starting to come through. There is still a bit of a muffled quality to them as well. This seems odd, as I would not typically expect one with the other...but it's there without a doubt. Still though, good (though not yet particularly punchy) bass response. Elvis Costello's "The Element Within Her" was particularly illustrative of the bass that these cans are capable of driving. Ditto George Michael's "Cowboys and Angels".
3) So far, it seems to me that it handles accoustic and other music with more defined instrumentation better than those that are a bit more, shall we say, blended together. Case in point: when listening to Elvis Costello's "Shipbuilding", the piano, drums, trumpet, and other instruments are all stand very much on their own. When listening to Slowdive's "Alison", the K701 seems a bit claggy. This has a lot to do with the music itself, but I've noticed a lot more instrument separation on my long since broken in K501's. It seems like this might improve with burn-in, as music like this requires a much more reactive driver.
4) Having noted the "flaws", let me say that if it stays this way and burn in were essentially over, I'd be pretty happy with them at this point. The soundstage is huge, and there might just be a BIT of over separation in the imaging, but it really fills up your head with sound. This is particularly evident in tracks like Chet Baker's "Alone Together", which if you haven't heard it, sounds like track one from the soundtrack of a Mickey Spillane movie. I really like the mids thus far, though the highs are still a bit brassy. I'm expecting this to get better.
5) Several folks have mentioned that the K701 seems to bloom at higher volume levels. I would tend to agree, but thus far I'm quite pleased with their performance at lower volumes.
6) Sorry, but I still can't get used to the appearance of these things. I hope that they come out with black ones.