Just got my PM-2 today. Having heard the PM-1 with the original leather and velour pads, the PM-2 is a much different headphone with the alternate pads. IMHO, it is a much more reference sounding headphone. I felt the PM-1 was muted, perhaps even muffled, but this is not the case with the PM-2. I did not, during my brief session, find the treble to be edgy or shouty, and I really liked the bass presentation. More listening is needed, but it seems Oppo has done a tremendous job responding to the headphone community. Well done Oppo.