I just finished my O2 vs HE-5LE showdown. These are my rough notes, point of the compare for me is to highlight faults since virtues just mean I keep listening and I don't reach for the keyboard. They were volume matched to 73dB C-weighted using white noise. Method was to run down half the day on one can, then switch up. Then switch the order for the second half.
DAY 1
Wasteland
O2
guitars blend, drums well done apart, good weight, echo, detailed but not transparent,
sibilant a tad, dark etch
HE-5LE
cohesive, distant, good energy, shimmer to cymbals, not sibilant, less air
What You Are
O2
drums take front seat, mid blend, background cymbal roll present but unclear, low
transparency, attack low on impact, layering not great, dry
HE-5LE
snare/hi hat up front, cymbal roll present, dry, compression, low transparency, sheen
One Day As A Lion
O2
dynamic, full reprod, drums front seat, rhythm/vocal recessed, good prat
HE-5LE
dynamic, full report, cymbals up front, more in line, background level, prat good, weight
Ten Thousand Fists
O2
drums up front, guitar in back, grain to the sound, clarity issue
HE-5LE
hi hat tops, rest in line, ride recessed, grain in recording
Doin' Time
O2
good bite, good skinning, missing weight wee bit, background percussion present,
wood/metal noticeable
HE-5LE
good bite, weight and attack, low level more noticeable, deep, spot on
Digging The Grave
O2
sucked out midrange, drums full, grain veil, dark and bright, great snare
HE-5LE
hi hat up front, otherwise spot on, distance on vocal
Pardon Me
O2
great opener, guitars recessed, grainy, poor transparency, distance to it
HE-5LE
sweetness to guitar opener, cohesive, compression, dirty, mid hall
TOGGLE
Move On
O2
perfectly layered, something in melody is recessed, vocal and hi hat upfront
HE-5LE
layering well, melody is piano, bass guitar gets front, finger snap more apparent
Earth, Sky & C.
O2
layering spot on, guitar in line with bongo, no complaints
HE-5LE
bongos recessed, sheen, no complaints, compression
Parabola
O2
blended, lined up bass guitar down, more dynamic
HE-5LE
hi hat lit up, compression sheen, balance is good, dry
Got the Life
O2
dynamics are good, lined up guitars recessed, micro cymbal work more evident
HE-5LE
hi hat lit up, little distant, guitars recessed, compression sheen
Blue
O2
good fog effect, murky held, guitar recessed in murky, lined up during rest, impact fuzzy
HE-5LE
distance, fog effect good, murky held, overall feels compressed, smooth but missing
transparency
DAY 2
Holy Wars
O2
ethereal quality, bass line harder to follow, more bite
HE-5LE
hi hat up front, lacking air, transparency iffy, compression
Passive
O2
weighty, separation better, good balance vocals more forward, background just as recessed
HE-5LE
weighty, something in back difficult to follow, good overall balance, separation lacking,
veil
Fake Plastic Trees
O2
spot on plays to O2 strengths, airy, second half bright hi hat up front, sheen
HE-5LE
vocal recessed, sheen, hi hat up front, bright but missing clarity
Without a Face
O2
opening perfect, no complaints
HE-5LE
hi hat taking front, good dynamic, solid bass line
I Told Him That My Dog Wouldn't Run
O2
opening perfect, full piano, minor lack of bite, blending during complex, etch
HE-5LE
conveys desperation, sweet piano, compression, banjo missing bite, clarity lacking
Whereabouts Unknown
O2
detail inner detail, cymbal/bass line lost to background, good separation, lose detail in
busy period, guitars up front, airy
HE-5LE
balance spot on, transparency lacking, blended
TOGGLE
War Ensemble
O2
airy character, good drive, bass line buried, missing weight otherwise spot on
HE-5LE
more grounded, rounded, ride touch too forward
Live Before You Die
O2
dirty quality, flat, blurred
HE-5LE
darker, lacking transparency but good separation
Falling Down
O2
bright opener, guitar line hard to follow, vocal up front, separation poor
HE-5LE
dark overall, guitar still background, others in line, separation improved
Little Wing
O2
perfect, plays into O2 forte
HE-5LE
more weight, warmer tone, less bite, rounded
Intension
O2
bass line forefront, rubber character less pronounced when dense
HE-5LE
rubber character reprod, spot on
Weighty Ghost
O2
creates room effect, light feel, guitar slightly back
HE-5LE
good balance, grounded, distanced
Short version...
O2 creates a room to play in, has a lighter feel, has a freq resp that recesses guitar a little.
HE-5LE sound like headphones, good weight, warm overall sound with a less attack/presence, freq resp that tends to tip up shimmer/bite of certain cymbals.
Imaging is the O2 strength so no surprises here, also excellent detail retrieval and layering.
The HE-5LE is likely more polarizing since its detail is good, layering is also excellent but the rounded nature of a recessed presence range combined with a tipped upper treble lowers its overall cohesiveness . So its both accurate to call it a laid back sound and bright... huh.
Comfort wise, no complaints about the O2. On the other side, the HE-5LE don't quite feel positioned right away. Its takes some play before they feel "right". Also I would love Fang to redo the cable entry to exit more forward, its quite easy to hit the stiff portion of the cable on your shoulder. Once in place, its fine.
For my genre and listening preference... HE-5LE gets the nods but isn't what I'd term a "walk away from Head-Fi can". If my preference was classical, jazz, soul or blues the O2 would represent the ideal. And not in the way the Senn 800 is often characterized. The O2 works as an all rounder where I found the Senn very focused.
Lots of people are clammering for an O2 vs. LCD-2 slug fest so I will be rerunning this next weekend with two song changes. Boy am I going to be sick of these songs by the time I've A/Bed the three of them.