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I owned both. I have the RE272 now. I don't think I will get the e-Q5 again. I personally prefer the former, although they are both great. They are both quite balanced and neutral. I think e-Q5 has a slight edge in lower treble, where it has a sharper sound and better presence than the RE272, which sounds softer and somewhat recessed in this region by comparison. RE272, on the other hand, has more presence in the upper mids and upper highs. e-Q5 has more edge to it - it sounds more agressive with faster attack than RE272, but is never harsh. RE272 gives softer, more rounded edges to sounds. I guess you could say e-Q5 has faster attack.
The bass is fairly similar on these two IEMs I think. Not much impact on either, but very linear and detailed lows that extend deep. I feel that RE272 has an edge over the e-Q5 in bass realism though. I think RE272 has a better proportioned low end, with more tactility and better dynamics. e-Q5 may perhaps extend a bit deeper though.
The mids are superb on both, but whereas the e-Q5 has a pleasant hint of warmth and very good texture in this region, RE272 emphasizes clarity and timbre. e-Q5 engages you more readily in the mids I think, because they have a coloration that's easy to admire with a nice, warm tone. RE272 sounds colder, but not thinner. It has very rich mids as well and actually has more emphasis than the e-Q5 in the upper mids, giving some instruments like saxophone more presence. But RE272 sounds more analytical. It lays everything out on a plate before you, but expects you to engage yourself. RE272 doesn't color the sound pleasantly like e-Q5 does. There is no extra warmth added with RE272 - just pure realism.
Finally, moving on to the mid/upper highs, I feel that RE272 clearly has an edge here with better presence and detail than the e-Q5. Both extend quite well into the upper highs, although not quite as well as, say, the RE0. e-Q5 lacked a bit of presence in the uppermost treble for my tastes - a bit of shimmer on the very top - while RE272 produces nice sparkle, although not emphasized. If you want a lot of sparkle, CK10 or DBA-02 will probably be better for that, but RE272 highs are more neutral. e-Q5 upper highs are a tad recessed in my opinion.
Soundstage is better on the RE272. e-Q5 has OK soundstage, but it has a noticeable "3 blob in the head" feeling to it. RE272 sounds much more transparent - the left, center and right all blend together seamlessly with no abrupt transitions in between. Both have good soundstage height. RE272 sounds more open and airy. Both have good layering. I think e-Q5 may have an edge in layering, but I am not sure. I will have to AB the two to find out.
Personally, I feel RE272 has the technical edge over e-Q5. e-Q5, however, has a pleasant warmth in its sound that RE272 doesn't have. Overall, it really becomes a matter of preference. I prefer RE272 for its technicalities and realism. I can see how some people will find the warmer, edgier e-Q5 to be more catchy and seductive sounding.