I have received my AFO's today. Been only playing music for a few hours, but I can already say that my quest for HD650 upgrade has concluded. Until I get Utopia that is.
A brief comparison to other headphones I already own plus some loaners, playing through Mojo, Hugo 2 and UD505:
HD650 - classic, really shines with Hugo 2. Pros: Light, very realistic and balanced sound, all instruments and vocals sound as they should. Cons: Not overly detailed, rolled off on both ends.
TH-X00 - Pros: Superb bass. Cons: Superb bass, recessed mids, high pitched vocals can get a bit shouty. Conslusion: Not really an upgrade from 650 due to overly emphasized bass basically and a bit unbalanced sound.
Elear - Pros: Superb dynamics, good bass, OK detail. Cons: Weird highs, rough guitars and unrealistic piano, mids suckout, heavy. Conslusion: Not really an upgrade from 650 due to boosted and unrealistic dynamics, unbalanced sound, weird mids and highs.
Clear - Pros: Superb dynamics, good bass, good balance, fine detail, superb clarity, great extension on both ends. Cons: Still a bit weird highs, unrealistic guitars and strings in general, heavy. Conslusion: Not an upgrade from 650 due to some instrument distortion. My ears also get pretty tired of the sound after 2-3 hours (hot highs?)
T1 v2 - Pros: Great balance, good dynamics, no distortion, clarity, fine detail. Cons: Driver imbalance (!) Conclusion: This could very well be the HD650 upgrade if you get one with balanced drivers. In my case they were not - and given the fact that it's not an isolated incident for Beyer, I gave up on T1.
GH-1 - Pros: Great clarity, fine detail, good bass, good extension on both ends. Cons: A bit hot highs at times, a tad slow at times. Conclusion: Due to the hot highs it's not an upgrade to HD650.
AFO - Pros: Good clarity, good dynamics, fine detail, very good bass, good extension on both ends, balanced sound. Cons: None compared to HD650. Conclusion: True upgrade to HD650 in all aspects to my ears. Super comfortable too.
Utopia - Pros: Smokes them all in all aspects. Cons: Price. Conclusion: Upgrade to both HD650 and AFO.
I am happy the upgrade path is very clear for me - and until I save up for Utopia, I'll submerge to AFO bliss powered by Mojo / Hugo 2. I'm very happy with my AFO purchase. Kudos to Mr. Speakers team for building this special headphone.
Designed, built and tested in USA rocks!