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Is the L1 as TECHNICALLY(of course sound signature is always subjective) as good as the "Big 3" ?(HD 650, DT880, K701)
I also have the DT-880 with 600 Ohm. I compared both for over two weeks on a daily basis to see which I prefer. I have to go with the L1.
There are a few differences:
The bass performance of the L1 is much better. The Philips goes deeper, has more texture, is tighter and has great punch. There were but two Classical recordings in my collection with which I found the bass overpowering - that's pretty good considering 25% of my collection is Classical.
The Beyer just sounds muddy in comparison. There is one thing it does better, though, and that are bass strings.
As for the mids, the L1 is almost in your face. They are really upfront and personal. The Beyer has incredible airiness in the upper mids and makes female voices sound like they're floating. But for most genres, I again prefer the Philips although DT-880 has a (brighter but) better timbre.
Highs on the L1 are smooth. I don't find them recessed. However, here it feels like some details are missing in comparison. But what's missing with the Philips, is over-presented with the 880: highs can be piercing and fake a higher resolution which can be annoying with modern recordings.
So there you go. If you listen to Classical music, take the Beyer. If you also have some Hip-Hop, Electronica, Pop, etc. in your collection, the L1 will be the much better choice. If you use an iPhone, then anyway!