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While PFE has great bass, I think ER4 has more resolution, more focus and control across the entire spectrum, including bass. The main difference for me is in the highs however - ER4 is much better in the treble than PFE IMO. PFE has serious resonance issues around 8-10 kHz that muddy up some of the higher and lower frequencies as well. I always use EQ with PFE to tame the harsh treble and then they sound great. With a flat EQ setting, ER4, as well as the lower end HF series, sound way more natural in the highs IMO. Perhaps foam tips could tame the resonances in the PFE's treble for me (I am only using the stock silicone tips with PFE), but I am pretty sure that foams would also soak up some resolution and definition, like they do with so many other IEMs from my experience. I would still give it a try, but I don't use PFE much anymore, as I prefer my Etys and RE400. Deeper fit could also help with PFE I guess, but I can't achieve a really deep fit with them like I can with Etys. However, I think that PFE simply doesn't have the treble quality of the Etys, no matter how you slice it. Even if I don't seal Etys in my ears at all, the highs still don't have the resonances and harshness that PFE has.
I can't decide between the two. I've been considering keeping one and selling the other, but then I think "nah, i'll just keep them both". Here's my take on them after many months of every day use with both and more side by side comparisons that I can count...
I'll start with out of the box performance. I find the er4s is much smoother in the treble than the pfe112 with silicon tips. With large foam tips inserted deeply however, the treble is much smoother for me. So much so, they are very close to the ety level of treble smoothness. The ety's are still better in this regard, but they are close. However, an earphone isn't just treble.
Out of the box I personally find the pfe112 bass to be reference, while the er4s bass is lacking. Now, the er4s still has great bass, but lousy low bass and sub bass quantity. So, you trade one for the other. Pfe = better bass, er4s = better treble. Ironically, with foam tips I find the difference between the lack of bass and uneven treble on each is about the same in either direction. So, really, they're very comparable.
However, I find the pfe112 better in every other way. Ten times more comfortable. Sound better amped, but don't require an amp. Er4s sound o.k. un-amped, but for most of my music they aren't even loud enough on an ipod alone. The pfe don't isolate as well, which could be a downside. The er4s is astonishingly good in this regard. However, for at home listening I actually wear shooting muffs on top of them which gives me the ety level of isolation. On the road and walking about, I find the pfe isolation is safer. I get very good noise reduction, but I can hear enough to know if someone is talking to me, etc. Assuming my music is quiet enough. I can't even hear people with my music OFF on the er4s. ha.
The best difference to me between the two is that the pfe112 have something about them that just make them easier to listen to. The er4s aren't bad per se, but they can be fatiguing sometimes, even with no noticeable eq issues. I've switched to the red filters which are much better in my opinion, as they slightly lower the slight 2-3khz humps and a few other very slight treble bumps. They essentially make them much flatter, and ironically a little close in tone to the pfe112, as the er4s has a bit of mid/treble presence with the green filters. With any given song, when I switch to the pfe112 immediately after the er4s, things just sound easier on the ears.
Lastly, the pfe112 have a slightly wider and also bigger sounding sound stage. The best way I can describe this is that the er4s is like watching a high definition concert on a big TV. It looks incredible, but it's really a flat screen in front of you and sort of close and not very far into the peripheral vision. The pfe is like having the band members in front of you in real life. It's not a drastic difference, but things sound a bit wider and more like they're in a bigger space, which is more believable to me. However, the thing that keeps me loving the etys is that almost perfect treble.
It is very easy to add a nice little sub bass eq to the er4s. It's more complex to flatten out the uneven treble of the pfe with eq. If eq wasn't possible ever, I'd probably always choose the pfe112. With such a simple eq though, the er4s is very "reference" in frequency response. But the pfe can still be eq'd if you know what you're doing, and it has all the other benefits I mentioned. So, for me, thus far, i'd say, with just one more comma separation, i'm torn between the two, and I will be keeping both for now, until I add another COMMA!

Those are my thoughts anyway. I hate EQ, because it's hard to get a consistent setting across every single device I use. Plus, if I use something like an iPod classic the eq is horrible. I don't have a classic anymore, so for now it isn't an issue, but I like the convenience of just plug and listen. But those er4s have some purdy treble.