I'll offer the dissenting opinion from the rest of the thread... The HD 650 is (in my opinion, obviously) a very good headphone, but it's not the best unless you really like it's particular signature. Other than soundstage and mids, the Beyer DT 1990 is superior in every aspect.
DT 1990 compared to HD 650:
Bass = more extended, slightly less mid-bass emphasis, more detailed/textured, more exciting
Mids = slightly recessed in comparison, slightly less enticing; not as noticeable if you're not making a direct comparison
Treble = more extended, more exciting; maybe fatiguing if you're sensitive
Dynamics = much greater than HD 650
Detail retrieval = much greater than HD 650
Soundstage = about the same as HD 650; DT 1990 with tubes has larger soundstage than HD 650 on solid state
Overall signature (with "B" pads) = very mild "V"-to-neutral with treble emphasis.
To me, the DT 1990 is simply a more satisfying listen.
Even the Oppo PM-3 (discontinued, unfortunately) is better than the HD 650 in some ways.
PM-3 compared to HD 650:
Bass = way more extension, less mid-bass emphasis, more detailed/textured, warmer, highly seal-dependent
Mids = on solid state, HD 650 is clearly better; on tubes PM-3 is comparable to HD 650 on solid state
Treble = more extended, but softer than HD 650
Dynamics = comparable
Detail retrieval = comparable on solid state, better on tubes
Soundstage = HD 650 wins on solid state; PM-3 with tubes has larger soundstage than HD 650 on solid state
Overall signature = on solid state = downward sloping / dark; on tubes = warm / neutral.
To me, the PM-3 on tubes is a more satisfying listen than HD 650 on solid state (unfortunately my tube setup doesn't work well with HD 650, so it's not a perfect comparison). In fact, for my purposes/taste, PM-3 on tubes does warm/inviting better than HD 650 does.
I don't mean to disparage the HD 650 at all. It's a really great headphone and I love it, but saying that there's no clear upgrade is, in my opinion, simply not true. It depends on what you're looking for. If you want "the HD 650 but better," then maybe it's the best. I dunno. What does that even mean? If there are specific things that you want to improve, then there are absolutely better headphones for a lot less than $1,000.