Since all you'll hear in this thread is positive remarks, I'll list some negatives. I've put 75 hours on mine already, so I guess that could be long term.
First, the low end doesn't seem to have any resolution. I was talking to Fante7 today, and I really liked what he said. He described it as being very linear, almost one-note-like. I have a hard time following the bassline during songs, where my HD650's have no such problem.
Second, the highend seems a bit grainy. They sound very distant, and not musical at all. I definately prefer the airyness of the 650's, but...in the HF-1's defense, I think the midrange and upper treble sounds very nice, very up front, but not that bright at all.
I guess a third issue could be build quality, but that doesn't deal with sonics and I'm sure you'd like to keep that topic out of this thread.
So there it is, a Sennheiser fans impressions. Take it easy on me