hf5's are a somewhat more "contemporary" version of the er4's. They share the same drivers, although the hf5's are built in China, whereas the er4's are hand-built in Illinois & the drivers are hand matched, resulting in a slightly more accurate sound quality. I've heard both, and they both sound very similar, w/ the extension (treble & bass) on the er4's only slightly improved, but it's not extremely noticable. The er4's MSRP is $299, but can easily be had for only a few more bones than the hf5'S on amazon. However, w/ the current sale on hf5's, along w/ the improved cable & slicker design, the hf5's are the better buy imho. Once they go back up to $150, you may as well spend the extra $20 or so and get the er4's.
Good luck.