Yes but I think it depends more on personal preference...consider this: If someone is more sensitive to 14kHz-18kHz region, then they would need less of an emphasis there to achieve a more natural/correct sound to them, and vice versa. Because of variances like this, I can totally understand why some would want more emphasis in this region. I'm one of the ones who enjoys the treble presentation in the HE-500 but I'm not limited there. I also quite like the way treble is presented in both HD600 and Lambdas for pretty different reasons, and of course there are some I've tried that I didn't much care for the treble or it was just too grainy/harsh/peaky. Don't get me wrong, more air is a good thing and adds another dimension in terms of rendering realistic sounding ambiance...and e-stats come to mind here as being among the top contenders for rendering air best. I would say the amount of air in the HE-500 is certainly better than most, but there are headphones out there that indeed do it better with other compromises...you can't have it all lol. If one of the newer models can retain or improve on the traits of, say, the HE-500 (their tonal balance, especially in the mids and intimacy of vocals/strings, perhaps a bit more refinement in the bass) and give a greater, even more realistic sense of air without overdoing it for my own tastes, well...that would truly be amazing.
I'd also agree that there is a limit to what you can do with EQ ultimately, software or hardware...