I own both the M2 and the P7 - not sure of the threadstarter is interested in this anymore, but maybe others are.
Right off the bat, I'll say that neither headset is a clear winner over the other: they're both high-quality and sound great, with exceptional build quality.
Fit-wise, the P7s don't expand nearly as large as the M2s, and the earcups, while luxurious, are much stiffer on the P7. The M2s are much lighter and gently clamp the head. The P7s do feel more robust, however. The M2s have a larger earcup, but the P7s are plenty big (with more room at toward the driver than at the earcup opening). The M2s have a memory foam earpad, and the P7s. They're both leather, so the choice is between memory foam and regular foam. The M2s are definitely the more comfortable of the two, even if the P7s feel a little more luxurious.
Sound-wise, I think they're two views of a similar sound signature. The P7 is a warm headphone that's extremely even; it's not lacking any treble, but there's no particular emphasis in any one area. The bass goes deep, but it's not overly hard-hitting or boomy. It's about as high-res as you can get without sounding overtly bright.
Using the P7s as a reference point, I will say that the M2s have a more present, aggressive upper midrange profile. I don't want to say it's 'clearer', as nary a detail is missed on either headset, but the M2 has a sonic profile in which details just jump out at you. Some might call that 'fun' or 'sculpted' - I just think they sound great. The lows don't seem as omnipresently thick as they are on the P7, but they're just as deep and very, very dynamic. Kicks jump into your ears without overwhelming anything else.
The soundstage on both sets are exceptional for a closed set. I think the M2 has a little more separation between instruments, but the P7 has an slightly wider soundstage overall. Not sure if that makes sense. I'd call neither headset bright, but I wouldn't dream of calling them dull, either.
Overall, I think the construction and fit is more of a difference maker than the sound. They both sound great - and if the construction of either device is something you're after, that's the one you're likely to prefer.
Verdict -
Get the P7s if you want: incredibly even treble response, an overall warm and even sound profile, a wide soundstage, robust construction
Get the M2s if you want: dynamic upper mid and bass response, uncluttered low mids, separation between instruments, extreme comfort, a large fit