So I've had the HM5s for about a month now. I use them on my morning and evening commute every weekday, so about 1.5 hours a day -- with weekend use, call it roughly 8 hours a week.
Over that time, I have really grown fond of these cans. My initial concerns about "loudness" in the midrange, which someone more accurately described as "congestion" have gone away. I don't really notice it anymore. The sound is not as spacious as the 650s, nor should it be. But I think its got a great sound, with plenty of detail. Don't really find the midrange to be recessed. And vocals are excellent.
Without EQ, definitely a natural sounding bass that represents what is in the recording -- which, for rock, is generally lighter than most people realize.
I run these through a CMOY and I use the bass boost, and I find the bass to be plentiful, but not overbearing. Nice extension, and over time the bass has tightened up a bit. These are not basshead cans, by any stretch, but that's never been what I was looking for.
Clamping force, which was initially very tight, loosened up after a few days, and the cans just feel supremely comfortable on your head. Although over time your ears can get warm. Isolation is fine. Listening on the NYC subway is a pleasure.
All in all, I am very pleased with these. Give them a bit of time to break in if your initial impressions are mixed.
One thing I am still experiencing is the slight hum when I plug into my Little Dot. Can't figure that out.