I know these should be placed in Tier B due to it's price, but I feel that they fit more in Tier A, so please bear with me.
The MrSpeakers Mad Dog. A fully modified Fostex T50RP making a huge scene on Head-fi for it's sound quality, price, and comfort. The T50RP is a budget friendly, planar magnetic headphone well known for being extremely mod-friendly. The LFF Paradox and Smeggy Thunderpants are well known modded T50RPs that preceded the Mad Dog. However, the Mad Dog is the first to hit a price point that warranted the attention of the masses, and with good reason.
Build Quality: The Mad Dog isn't cosmetically modified like the Thunderpants, so it is basically a T50RP on the outside, with the exception of a pad swap, an optional comfort strap, and MrSpeakers vinyl stickers on the ear cups. The ear cups are made of some pretty durable plastic. Not the most aesthetically pleasing ear cups, and a bit unassuming, but it has a retro-ish charm to them.
The headband is made of a very pliable material that looks extremely durable. Lacks padding underneath, but the optional comfort strap more than makes up for it. Headband discomfort is the last thing you would ever think of when wearing the Mad Dog+comfort strap. It's that comfortable on the head.
The extension bars are made of a brass/copper metal, and is the strongest part of the headphone. It's of a very, very generous length, which should fit comfortably even on watermelon-sized noggins. I'm a huge fan of headphones that allow that much freedom in terms of head-size. More companies need to follow suit. I can't comment on the cable as I was sent a very short, aftermarket cable.
The Mad Dog comes with various pads. Each with their own distinct sound signature and comfort. The Mad Dog being reviewed here came with the Alpha pads, which are the newest, most linear, and most comfortable of the bunch. The Alpha pads are leather, angled, and very soft. While you all probably know how much I don't care for leather pads overall, I have to give credit where credit is due: these pads are VERY comfortable on the head, heat trapping issues aside.
Comfort: As mentioned, the Mad Dog w/alpha pads and comfort strap is a very, very comfortable headphone overall. It's lightweight, would fit on any head, isn't oversized (*cough*LCD2*cough*), and doesn't clamp tightly (clamp can be adjusted by bending the headband, which extremely easy to due).
Accessories: As these were a loaner, I'm not certain what the MD came with out of the box. Will update once I find out.
Isolation/Leakage: It's been awhile since I've heard a headphone that seals/isolates as well as the Mad Dog. It's incredibly silent in terms of leaking noise to the outside world, and it does a very good job of keeping external noise from coming in. Very, very good passive noise cancelling. If you need a headphone in the most noise polluted environments or need a headphone that won't ever bother others, the Mad Dog is a very, very safe bet.
Sound: On to the sound. I did my homework on the Mad Dogs on more than one occasion, to the point of being one click away from ordering them prior to receiving these loaners. Basically glowing reviews all around, stating that they came very close to sounding like a closed LCD2, even down to having an incredibly similar frequency response. And all for a fraction of a price. Who wouldn't be interested in trying these out after all that's been written out there? So did the Mad Dog live to the extreme hype out there? Yes and no. Do they sound like a closed LCD2? Sort of. They do share similarities, but LCD2s the Mad Dog certainly is NOT. The Mad Dog is a very balanced headphone, although being decidely on the dark side of neutral.
Bass: The Mad Dog has a very accurate, if a bit too linear bass response. It sounds very well balanced and textured, but not immediately engaging. In comparison to the LCD2 and K702 Anniversary, the bass felt a bit flat. The latter two would feel quite lively when called for. Something I didn't quite get off the Mad Dogs. It sounds correct, but lacking in emotion and presence, IMHO. Still, it's not weak or overemphasized. It's a good, balanced bass that doesn't ever get in the way of the amazing mids.
Mids: This is the biggest area of strength in the Mad Dog. The mids are positively PHENOMENAL. Quite rich, warm, organic, intimate, and demanding it's attention. Being a closed headphone, the sound is 'boxed in' compared to open headphones, putting the mids quite close to you in the virtual space. They never come off as shouty or fatiguing (which is a personal gripe I had with the Sennheiser HD598). Although I prefer the LCD2, HD650's mids as they are forward and surrounded by more air and a bigger sense of space, the Mad Dog's mids are simply amazing. Vocals come off so naturally.
Treble: The treble will be either love/hate for everyone. The Mad Dog is a bit dark, making the treble quite non-fatiguing, but not the clearest I've heard. Due to the closed nature of the Mad Dog, the treble is hampered by it's lack of air. I personally don't mind the treble presentation of the Mad Dog at all. I feel they have enough presence to be considered natural, but I can see it being a concern for those who prefer a bit more sparkle/clarity.
Soundstage: This is an area I can't seem to agree with quite a few people in on the main Mad Dog thread. Personally, I feel the Mad Dog lacks quite a bit in air, size, and especially depth. That's the nature of closed headphones. Very few exceptions (i.e. D7000, DT770 Pro 80), and the Mad Dog is not one of them. It sounds decidedly closed and congested in comparison to the more recent open headphones I've compared them to, including the LCD2 which isn't exactly the most open sounding headphone itself.
Positioning: I'm not going to lie when I say that as enthusiastic as I was about the Mad Dog, none of that enthusiasm was for it's potential to be good for gaming. Prior to hearing the Mad Dog, I expected it to not be amazing for gaming. I expected something like the M50 in that it would make a much better headphone for music and stereo gaming than virtual surround/Dolby Headphone gaming. I feel that I hit the nail on the head. The Mad Dog doesn't project a good sense of air, and lacks depth and width, hurting the positional cues enough to consider them inferior to gaming headsets like the Astro A40 in this regard. It comes off a bit two dimensional in comparison to even the LCD2.
Clarity: The clarity for gaming is actually quite excellent. The Mad Dog benefits great from it's incredibly linear frequency response. Bass and mids are well in tune with one another. Bass never creeps up and masks details, so all manner of sounds are heard quite easily. Clarity is a strength for the Mad Dogs, despite it's darker than neutral tonality. It shares this with both the LCD2 and HD650: Dark, but still plenty clear.
Amping: Although I no longer have the Mixamp to truly test whether the Mad Dog needs additional amping for gaming purposes, I believe it does, as it requires more off my Marantz receiver and Compass 2 than my LCD2.
Value: At $300, Although I'm not a big fan of the Mad Dog for gaming, they are truly a great pair of music headphones, and possibly for stereo gaming.
Final Impressions: I have a love/hate relationship with the Mad Dog, which causes an internal conflict in me. On one hand, the Mad Dog is easily the best closed headphone I have heard outside of the D7000, but on the other hand, it's decent at best for virtual surround gaming. If it's for gaming, I'm afraid I can't give them my personal recommendation. However, if music and/or passive noise cancellation is a priority, the Mad Dog is truly exceptional and worth looking into. Just remember, it's a well balanced, dark/neutral-ish headphone, so bassheads need not apply.
I know this will be asked often, so let me nip this in the bud: How does the Mad Dog compare to the LCD2, HE-400, HE-4, HD650, and K702 Annie?
Vs. HE-4: The HE-4 is technically the best headphone I've reviewed outside of the D7000 and LCD2 in terms of refinement and technical superiority. It's slightly v-shaped, similar to a DT880 in planar magnetic form. More open, clearer, and more detailed. However, it's the hardest headphone to drive, and the majority of people will no doubt hook the HE-4 up to amps that can't power them anywhere near to their potential. HE-4 > Mad Dog
Vs. K702 Anniversary: The Annie is more open, with a much bigger sense of space, clearly superior soundstage and positional cues, clarity, and bass. The K702 Annie is the only headphone I have reviewed that I honestly can't find one flaw in whatsoever. Not the best at any one thing, but great at basically everything. For $100 more than the Mad Dog, if you do not have a need for a closed headphone, I'd GREATLY recommend saving up for the Annie instead. K702 Annie > Mad Dog
Vs. HE-400: The HE-400 is clearer, more engaging, and livelier than the Mad Dog. I must say I slightly prefer the tonality of the Mad Dogs, but overall, the HE-400 is a better headphone. The HE-400 has an issue with the treble being a bit bright, which may put off some people. HE-400 > Mad Dog
Vs. HD650: The HD650 to me is the closest thing to the Mad Dog out of anything I've heard. However, it is still more open sounding, which I personally find more beneficial. The HD650 is more neutral sounding than the Mad Dog as well, though I feel the HD650 is slower and more relaxing in the upper range. HD650 > Mad Dog
Vs. LCD2: The LCD2 and Mad Dogs do share similarities in tonality, but the LCD2 is quite a bit more dimensional, clearer, and spacious. Perhaps a poor man's closed LCD2, but not quite. LCD2 > Mad Dog
So yes, out of all the planar magnetics, and dynamics I could compare them to in terms of similar characteristic/tonality, I feel the Mad Dog loses against each. To me, at near the Mad Dog's price range, there is only one choice I'd recommend to anyone looking for a well balanced headphone that doesn't need a closed headphone. The K702 Anniversary. Absolutely no question there.
Final Scores...