Their reputation has plummeted mostly due to price increases (and not enough improvement in build quality for the price) and oversaturation. Not that they're new to refreshes, but now they vomit them out more quickly than people can keep up with, making one wonder if they should just stop and invest time into R&D and come out with something impressive like the original HE1000 was. Since their sound quality has only improved, although they have also adopted a new sound signature that is a bit softer and more laid back (to most peoples' preferences though). But hey, HiFiMan isn't alone with the pricing; see the $4,000 Audeze LCD-4, $4,000 Focal Utopia, $5,000 Abyss headphones for which there have been two refreshes so far. Gotta commend Stax for sticking to the same price ranges for a long time. Sennheiser hasn't ventured too far from it until the HD 820 (ignoring the Orpheus HE-1 obviously), but the HD 820 will be ignored by most of us anyway (wouldn't be super popular for $1,500-1,700 either).