Quick Review PM-2
Day 1:
I forgot to get some pics when the sun was up, so I'll break out the SLR in a few days and get some better pics. These are all cellphone pics.
Quality: These are the best built headphones I've ever seen. (I've never used the PM-1's) They don't have the boutique/cottage industry feel that Audeze and Hifiman do. They also don't have the mass market plasticky feel of Sennheiser and AKG. If you want an automotive reference, picture the PM-2's as a really high end BMW/MB/Audi. In comparison I'd put Audeze/Hifiman as kit cars and Sennheiser/AKG's as the Toyota Camry's of the group. I feel like they could be abused without any fear of damage. I'd never throw my AKG's into my suitcase without a lot of protection. I could throw these in with no risk whatsoever. The pair I'm demoing have been through many users and still look great.
That being said, a few minor issues have popped up. Keep in mind that these have been through many users, I have no idea how they have been treated.
1: I don't know if the headphones were dropped, but one cup rotates slightly more than the other. As you can see in the picture one cup will actually allow the cable to rub while the other stops just short of rubbing. I am thinking this is probably related to accidental damage more than manufacturing problems, but it still makes me wonder how durable the joint on the cups actually are.

2: This is obviously from accidental damage. I don't know the replacement cost for a new cord, but on the oppo website a 5M cord is $199. I can't imagine this being less than $150. I don't know how the damage occurred, but it makes me worry that the connections into the cup might be a little too thin to make a durable cable.

3: The cable quality. The 6.35mm cable is excellent. I don't think $150 is too much if this cable was purchased separately. It's got a really nice cloth jacket, thick cables after the split, and high quality connections. The 3.5mm cable is quite the opposite. Honestly, $20 would be about my limit for a replacement. It's very thin, short, flimsy, and has cheap connections. If you are planning to use these headphones exclusively with a 3.5mm connection keep in mind that you'll be paying for a really nice 6.35mm cable that won't be used. Personally I'd rather see the PM-2 come with a slightly cheaper 6.35mm cable and a nicer 3.5mm cable. Perhaps a 2m ~$75 version of each. The PM-2's have 102 dB per 1mW sensitivity. They can easily be driven from an iPhone. Unfortunately the cheap short 3.5mm cable discourages it. (It's early in my impressions, but they do sound WAY better with an amp.)

4: The 6.35mm really is about 10x the cable of the 3.5mm.
Overall, the quality is excellent. With the exception of the cup joint, I couldn't find a single thing wrong with the actual cans. If you're planning on only using a 6.35mm connection you won't be disappointed with anything in the kit. All of the pads are of decent quality. The denim carrying case is great. It won't blow you're mind, but it is worthy of protecting $699 cans. Keep in mind, the box wasn't sent with the demo units, so I can't comment on that.