There are so far 3 versions of the K501 which have been presented on Head-Fi. The following versions are what I think is the order they came out as (oldest to most recent). Also these photos are not mine and do not remember who’s post I took these off of, but if these pictures are yours please contact me and I will give you credit for them.
Now on to the different versions:
First up is Version 1, this is the one I presume came out in the fall of 1996. Going from the inside of the driver out, there are 3 long openings out of a possible 6, and on the next level 4 smaller openings out of a possible 12. With a black dampening covering them.
[size=xx-small]Courtesy of Asr[/size]
This is Version 2, which is quite a significant difference. I have no idea when this one came out. There are 6 long openings and 12 smaller ones with a white dampening material which is thick.
[size=xx-small]Courtesy of Fitz[/size]
And lastly Version 3, which only has 6 long openings with no smaller ones with a white dampening material as well, but is thinner and more porous than the Version 2 one.
[size=xx-small]Courtesy of Mrvile[/size]
Now you might be wondering why I said 6 long/12 small opening combination was the maximum. If you look at adanac061’s Ver. 1 you can clearly see that AKG thought of making/testing different versions from the beginning, so my hypothesis is that the 501 was an experiment.
[size=xx-small]Courtesy of adanac061[/size]
Also another hypothesis is that considering that all the different versions have the same driver and that the black/white difference in sound is negligible that Ver. 2 can sound like both Ver. 1 and 3 just by blocking up the different holes.
If you would like to check what version your 501 is, just twist the pad counterclockwise to reveal the driver and openings.
I currently have Ver. 2 from rhester which I just received and am going to give them a good listen to when I get back home.
Special thanks to Fitz, adanac061, Mrvile, Asr, and the whole K501 community
EDIT:
Under further investigation the order of the versions should be 2>1>3, I will keep the version numbers as they are to solve any confusions and change it when we have significant proof of the order of the versions
EDIT 2: added the differences between the V2 and V3 dampening material