I spent nearly 3 hours listening to these 2 headphones, with a slice of the Dan Clark Audio AEON 2 Closed thrown in, for good measure.First impressions.... The 3rd Generation is actually very good. I enjoy it a lot more than the outgoing model.
I'll write more when I get home.
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So, let's get on, shall we?

Firstly, the lows. You'll still get a healthy boost in the mid-bass, so that's something nice to start with. However, it appears that the sub-bass region has been given a shot in the arm, as it rumbles a little more, with a tad better extension. Moreover, the lingering decay of the T5p (2nd Gen) has been fixed in this version; beats are tighter, with greater attack and slam.
The midrange is also the happy recipient of an overall positive correction. For starters, mids are more forward on the T5 (3rd Gen), if ever so slightly. To add the proverbial cherry on top, vocals have more presence and weight, with better texture throughout. The outgoing model has decent vocal capabilities, but they can sound hollow at the worst of times.
On to the treble, and this is where things start to get contentious. Gone are the infamous treble peaks that caused the T5p (2nd Gen) to, at times, appear overly harsh and sibilant. The highs are a lot smoother now; it has good control and a dash of brilliance. However, the airy presentation of the previous model has been axed in favor of a relatively subdued region. For those who enjoy the treble delivery of the T5p (2nd Gen), you won't enjoy the 3rd Gen's take.
Thankfully, the T5 (3rd Gen) retains the outgoing model's imaging chops, but the soundstage has been reduced for a more intimate sound. The lack of air in the higher registers is probably a major culprit. Whilst the 2nd Gen model has a wide and deep stage with excellent layering, the revised model has a narrower, and a slightly-cramped presentation. Tonally, the new model retains a good level of warmth, but reduces the bloom that results in a more distinct and clearer sound.
Ultimately, the new T5 distinguishes itself from its predecessor in more ways that one. It's quite a leap from the previous model, but not always in ways that are good. From a subjective viewpoint, this new incarnation sounds more pleasant to my ears than the old. However, it might not appeal to fans of the older version, since the new kid on the block sacrifices a few crucial factors to achieve a signature that I'd describe as a 'quality consumer-friendly sound' - the treble brilliance of the 2nd Gen is lost, so out the window goes that airy sound, and soundstage size has been reduced in all 3 dimensions, resulting in a more intimate and cramped presentation.
Personally, I greatly enjoyed my time with the T5; I was this close to pulling the trigger at the store earlier. With that said, I'll probably be selling the T5p (2nd Gen) very soon, though.
Source: Chord Hugo 2