Yes, stock it is terrible. The XM3 I am talking about. However, once you spend 10 minutes with a very user-friendly equalizer such as the FIR EQ built into Onkyo HF Player and cut away the bass bloat the XM3 is fantastic sounding, truly fantastic. I feel bad for people who form an opinion of what the XM3 is capable of sounding like based on a stock tuning audition. The XM3, once liberated from the terrible stock muddiness is really something, and it is portable, wireless, comfortable as can be and it has still class leading/equal NC.
I honestly have no clue why people often are so negative about EQ'ing. In the end, it's the enjoyment that music gives you what counts. I spend time in studios on a regular basis, not because of work but because of interest. And what I see is that studio engineers are as human as the rest of us. Mastering and mixing activities take place in the same construct as the rest of us listening to music. In principle they look for equipment that is as neutral and resolving as possible. But in reality their decisions on how to position the various elements in the end mix is as dependent of their equipment as their own hearing capabilities. An engineer I know decided on redoing a number of his masterings simply because he no longer liked the end result after having replaced a studio DAC with another brand.

