nikp: I don't think Shure just got owned by any means, unless you happen to know something about the SRH1840 that everybody else here doesn't know. All we know is the SRH1840 is "extremely impressive", and as usual with Shure, it has a reputation of incredible performance for the price. If you have heard an SRH1840 somehow, feel free to win this argument by posting your impressions. Otherwise, saying "Shure just got owned" is... a meaningless (not to mention false) statement.
Let's be honest: Looking at the facts, at $1000, it doesn't look too good for the HD700 after FOTM wears off. If it sells brand new for $700 or $600 -- i.e. if Sennheiser allows it to sell for far below MSRP -- then I bet it will be a big success. Otherwise, at $1000 it just isn't looking very competitive from the numerous reports from people who really just... don't like how it sounds (sibilant, thin bass, etc.)
If the SRH1840 performs anywhere near what is expected of Shure's price/performance reputation, and sells below MSRP as it always does, then it will most likely come very close if not equal to the HD700 in performance -- at half the price brand new. If Sennheiser DOESN'T price-fix the HD700 though, the HD700 may very well survive the competition. However you have to realize that at this price point, there's a LOT of competition from Shure, Hifiman, Audeze, etc. -- and it's going to be very brutal when we're talking about pure sound quality. At $1000 the HD700 is really fighting a losing battle at this point, unless all the reviews of its unfortunate sibilance, etc. are completely false.