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I've heard that between these, the FA-003, and maybe some of the other rebrands, there are some differences in the pads which could certainly make a difference.
This is just conjecture based on subjective experience on my part, but I think these may be rather sensitive to impedance matching with amps. Out of a Roland Octacapture interface which IIRC has an output impedance of 68ohms, the muddiness and overall lack of clarity was quite bad. Out of a different 10ohm interface I had at home and my Cowon, it never sounded like it did out of that Roland. The dark muddiness aspect was still there as I think that was just part of the sound signature of the headphones, but it wasn't near as bad. Again, I'm hypothesizing.
To clarify, I hope my wording didn't come off as too stark in my little re-review. The veil/mud was not extreme or super terrible or anything, but it was enough to be noticeable and bothersome. I did mean to express my overall dissatisfaction with these in any case. At least they weren't as bad as the TMA-1s. That was truly "one note bass," and rolled off to boot, haha.
I liked and disliked the treble at the same time. I thought the quality was remarkably good and there was no giant treble spike of death, the quantity was just a bit low for me and had a tendency to get a little overshadowed by the bass. It still was the most accurate tonality of cymbals I've heard to date (not that I've heard tons of headphones), and actually I think this was probably due at least in part to the smoothness/roll-off. Not necessarily because that's the ideal response for reproducing the natural sound of cymbals, but a majority of recordings I've heard have the cymbals EQ'd way to bright and sparkly, so the HM5s ending up kind of compensating for that. I'm a drummer for reference.
I'm not sure about the whole volume thing. Honestly I never listen at very loud levels, so I didn't really notice anything.
I felt like I heard real potential in the drivers and I can see why people have said a lot of what they have said about these. I think it might be due to badly designed cups/enclosure which caused a lot of the issues I felt I was hearing, especially the whole "echo" thing. I listened to these open-backed once just for fun. While the sound became 10x muddier, if you ignored that the mids greatly improved (and in isolation I already thought they were pretty good). I think this may be akin to the "euphoric detail" as you described it. It's something I've only experienced with open headphones so far. The soundstage got better as well. It was a long time ago and just a short impression though, so don't quote me, haha. I wonder if the various mods which came out shortly after I sold them might have helped.
Wow really rambling with the long posts today...
Also, I don't really have a background in sound engineering, but it is one of my interests.
I don't have any professional experience or specific formal education or anything. I'm just a student with a few aspirations and I record and mix my own band. There are people on these forums who know and have experienced 100x more than me, but these are my honest thoughts.