Without EQ I completely agree. The pfe is much more lively, bright, bassy, natural sounding. I would pick it hands down. However, it is V shaped, and there is the sibilance some people experience, me with normal insertion depth. But being V shaped, I found that even with the boring flat sound the W4 brought out details the pfe missed and vice versa.
I find that both require EQ to sound neutral and flat. When a headphone is truly flat every genre shines and sound proper. Neither has any problem with any genres per se, but they both are not really flat. Once you apply eq either manually or using accudio (very good), the sound of each improves dramatically, but I prefer the w4 with EQ, because it sounds smoother overall, it's cheaper, comes with a nice case and more tips.
If eq didn't exist I'd have the pfe232. But as neither please me enough without eq, w4 fits the bill better. The only reason I would compare them personally is that they offer similar "quality" but different sound signatures. They are both built well, look nice, have excellent separation and depth, etc. Neither is really lacking any frequency reproduction like lesser models that are missing bass or high treble or something in between. Otherwise, they don't really "sound" alike that much. You have to eq the 4r with more treble and low bass to get it closer to the 232 and vice versa. If you don't want to mess with eq, go pfe232 hands down. If you don't mind eq then they both need it in my opinion "if" you're looking for an accurate neutral sound. If you "want" more bass and treble the pfe232 is excellent and give those traits with very high quality.