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If the bass of the PS500 is more present than the RS-1, it would probably "mask" any excessive top end. I find the treble of the HF-2 sounds a bit "reined in", not as open as the RS-1 (or 325i). Yet the HF-2 is less bright and sibilant than either of those. So there's a bit of a trade-off. I think Grado has taken his driver about as far as it can go. For a new sound, a totally new driver design (not a series of tweaks) will be required, I think.
I completely agree with you. FWIW, my preferences are for the HF-2s now that I've had them with me for a few weeks. The RS1s were fabulous, but I prefer the sound signature of the HF-2s (my new favourite Grado headphones). I am curious to hear the PS500s though.