Alright, I picked up my FA-011 from the post office yesterday, and I did quite a bit of listening. Keep in mind that these impressions are from a "green" set, without burn-in, FWIW.
Mine arrived relatively safely -- the cardboard box was dented a fair bit, but the headphones were in good shape. Also, mine did smell a bit of smoke -- it wasn't that bad, but it was definitely noticeable.
One statement I have to make immediately -- I didn't find these nearly as comfortable as LFF described (I think the R10, HD800, DT880, and D2000 are more comfortable than the FA-011). The earpads are rather shallow, and my ears are pressed by the foam in front of the drivers. However, they're not bad, and they are quite light, and the headband doesn't put any uncomfortable pressure on the crown of the head.
As for the sound, I'm rather impressed, especially for a $120 headphone. The bass is outstanding -- very strong and robust, but also very tight and well-controlled. I think the bass emphasis seems to be in the lower bass region, rather than the midbass region -- reminds me of the Denon Dx000 series in that regard, but much tighter. As a result, there is almost no bass bleed into the mids. Also, the mids are very nice and smooth, somewhat intimate. The treble is emphasized, giving nice sparkle, but also making the FA-011 more fatiguing. Soundstage and imaging are just okay.
I also think that the FA-011 sounds somewhat overdamped. This keeps the bass nice and tight, but I also think it sacrifices some low-level detail to accomplish this. Therefore, I think these are more a fun headphone than a reference headphone.
Comparisons (all IMO, of course):
DT880/600 vs. FA-011
Without a doubt, the DT880/600 is the more balanced and neutral headphone of the two. Bass and treble are stronger on the FA-011, but somehow the mids of the FA-011 don't sound recessed. I'd say bass is about equally tight between the two, texture and articulation are also about equivalent, but the FA-011 carries much more weight and impact. The DT880 is more detailed, and it captures low-level information much better than the FA-011. The FA-011 has more energy and is also much more fatiguing. The DT880 has a slightly larger soundstage and much sharper imaging.
DT990/600 vs. FA-011
The DT990/600 seems to me to almost be a half-way point between the DT880 and the FA-011. Bass on the DT990 is stronger and more impactful than the DT880, but less so than the FA-011. Again, bass texture and articulation are about equally good between the DT990 and the FA-011 (which is to say, both are very good in that regard). Whereas the FA-011 seems to put more emphasis on the deeper bass, the DT990 puts more emphasis on the midbass. As a result, I think the DT990 has more bass bleed into the mids than the FA-011. I have to give the FA-011 the edge in the mids over the DT990 -- the DT990's mids sound a bit recessed to me, although they are very nice. Treble on both is hot, but in a different way -- the DT990 emphasizes the upper treble, whereas the FA-011's emphasis seems to be more towards the presence region. This makes the FA-011 more fatiguing IMO. The DT990 has a definite advantage in both soundstage and imaging, as well as low-level detail retrieval.
SR60i vs. FA-011
The bass on the FA-011 is much stronger, more impactful, and better extended than the SR60i. I would have to say that the mids are about equally good on both, though I think electric guitar sounds a bit better on the SR60i. Both have a treble emphasis, but the SR60i's emphasis is placed at a bit lower frequency range than that of the FA-011. I find both to be about equally fatiguing. The FA-011's soundstage is a bit bigger, though I think the SR60i probably has slightly better imaging. The SR60i has better low-level detail.
Overall, I think the FA-011 is a solid offering for those looking for a fun, open headphone. The bass response really has to be heard to be believed -- I honestly don't think I've heard their equal when it comes to bass strength, impact, and tightness, all while carefully keeping the bass from affecting the mids. I don't find them to be, however, particularly exceptional in comfort, treble, detail retrieval, soundstage, or imaging. For $120, I think it's definitely worthwhile giving them a try.