I really quite liked the IO-12, but they didn't quite warranty a full 5-stars, read the review to find out why:
Dali IO-12 Full Review
Pretty accurate (in a "review-polite" way), at least gives hints where to check out if personal preferences match the expectations and competition.
Since it gets so close to the best ANC sound quality, it also gets more scrutiny and criticism, but it's one of the best ANC headphones to start with, when sound quality is concerned.
IMHO, when compared with passive mode, the signal processing seems to compensate a bit too much for the HK-curve, and there are some issues around 80-100 Hz and 6 kHz (both match with the review comments). Part of the issues seem to be caused partly by the ear pads IMHO, but the DSP could compensate for those.
The lack of firmware upgradeability is a big miss, and an app would be still useful, if included some profiling options.
Anyway, with some small adjustments, I am happy with them, and for me they're the best ANC headphones to date.
But it seems not everyone shares that outcome, for reasons also outlined in this post, and when the price is also taken into account. I think people need to try them for themselves before buying - just like with other ANC headphones, in fact. So far, the reviews (both professional and forum reviews) of ANC headphones have been more misleading (in the sense of generated expectations vs. personal experience) for me than reviews of passive headphones. This review is pretty good, though, in that sense.