At the NAMM show, I wasn't really sure what to expect from the MM-500. I appreciate Audeze having a quiet sound booth though; I definitely didn't expect to see one on the main show floor (usually companies have audio booths set up in the walking corridors of the convention center)! I listen to music at fairly quiet volume levels at home, so that's how I demoed the MM-500.
In the sound booth, there was a Weiss DAC502 unit with an iPad using Qobuz offline as the source. The MM-500 was connected to the front 6.3 mm single-ended output, the LCD-5 to the rear 4-pin XLR balanced output.
Picking up the MM-500, it uses a similar headband adjustment system as the LCD-5 (I find it harder to adjust compared to the previous LCD-series system). The headband arch and earcups are made of metal, but the whole headphone feels VERY light for an Audeze headphone. Adding to the light experience, putting the headphones on your head feels very light compared to what I'm used to with the LCD-X, and the clamping force isn't nearly as skull-crushing. With thick-arm glasses on, the pressure didn't bother me unlike the LCD-X at times, and I found it to seal around my glasses better than the X too.
I didn't compare the MM-500 to the X at first, but upon playing a few tracks I could immediately tell from memory that the MM-500 is a step-up in terms of clarity. The midrange had more presence and sounded clearer than what I'm used to, and the bass wasn't quite as in-your-face. Everything just sounded so clear and detailed overall.
A/B-ing it with the X (2021 version) on the same setup, my initial impressions were pretty spot-on. Note the X is more sensitive than the MM-500, so I had to do some slight volume adjustments when A/B-ing.
The bass presence and warmth into the midrange on the X isn't there on the MM-500, which seems to bring the whole midrange out more without sacrificing the bass extension. In this aspect, it made the X sound dark in comparison. I didn't really compare the MM-500 to the LCD-5 on the same setup, but the bass and midrange presence were more similar than different.
The upper-midrange and treble of the MM-500 sounded smoother than the X, which sounded gritty in comparison. Presence-wise, the treble on the X sounds slightly emphasized, whereas the MM-500 is more balanced.
Imaging seemed slightly better on the MM-500 to the X; instruments were better-defined.
Overall, I was pleasantly surprised, in a good way, with how the MM-500 turned out both in terms of design and in how it sounds. I look forward to seeing how it gets received here on the audiophile side of things, as opposed to the pro-audio realm.