Seeing that this forum helped me a lot in my recent move into Head-Fi I've decided it's time to contribute.
After burning-in my new 555s and amp for well over 100 hrs, and liking what I was hearing, I decided to do the foam-removal mod. I've now been listening to the modded 555s for over 2 weeks now and here are my observations. I listen mostly to jazz, vocal jazz, acoustic blues, and chamber music with some electric blues and older rock thrown in for good measure.
The mod indeed does what is claimed. Soundstage is bigger and transients are quicker. The bass is improved in that it there is more detail. Bowed acoustic bass has more bite and growl. Electric bass has more pitch definition. Good things.
But... with my setup the mod also introduced a harshness affecting a narrow band of frequencies in female voice and instruments such as piano and trumpet. (I'm not knowledgable enough to identify the frequencies.) The effect made listening much less enjoyable. Even turning down the volume didn't help.
So today I put the foam back in and things are right again. The harshness is gone, the bass is good but smoother, the whole persentation is more "polite". But ever so much more listenable - even at too-high levels. A good example of YMMV!
After this experience I suspect that Sennheiser found the 555 to be a bit harsh compared to it's same-driver sibling the 595, and stuck in the foam as a "bandaid" (literal and figurative).
I also notice now, that with the foam in place everything needs somewhat less gain on the volume knob to produce the same listening level. This increase in apparent efficiency could also have driven Sennheiser's addition of the foam - possibly making the 555s work better with the portable devices.
All in all, a great mod. Easy to do. Easy to undo. Easy to hear the difference. A very worthwhile experience. Tempts me to experiment with varying the size/shape of the foam, or the consistency of the foam. Maybe it is possible to have your cake AND eat it too?
Thanks all