It almost looks like the Westone with the first look.
I have the Westone W4 and when you compare them closely, there are quite some differences. SM3 v2 is actually bigger than the W4, and the latter is also more streamline in the casing, making the W4 more comfortable to wear.
For the manufacturing quality and the material of the plastic casing, W4 also outperforms SM3 v2.
Regarding sound quality, W4 which had been run in for about 80+ hours is more balanced in all frequencies, treble is extended, mids are smooth, bass is refined, controlled with great quantity.
SM3 v2, which had been run in for around 8 hours, is still not stable, with treble a bit sharp, mids are fine, with enormous amount of bass, but not controlled and does cover the other frequencies.
Having said that, I do think SM3 v2 has a very good potential as it has good soundstage and clarity. I think it is only about time that SM3 v2 can keep up with the W4, when all the 3 balanced armatures are run in properly.
Another thing is that the plug of SM3 v2, although is L angled, the head is way too big. I had a problem to plug it directly into the iPhone 4 headphone out with her silicone case on, so I have to take off the case of my iPhone to use it on my iPhone. The same happens when I plug it directly into my iPod Nano with the USB cable beside it, you just cannot do it because of the big footprint of the plug. FYI, the plug is actually the same used in Etymotic ER-4 earphones.
But one thing SM3 v2 surely beats W4 though is the ability to change cable