I agree 100%. I've made quite the fuss with the Shure support guys and hopefully they'll forward the huge quality issues to the engineers and financial department since the price was horrific for what it did.
Where did you complain to? Maybe if we all complain to the same department in the same country it might help to put pressure on them to sort it out. I have a horrible feeling though that the software is baked on ROM and that isn't going to get fixed unless there's an enormous backlash. I know two people with this cable, one of whom has the 535s and he's pretty happy with it, so not sure how many people are going to bother complaining.
Another couple of relatively benign quality issues I noticed were the weird little white label that was stuck to the cable very tightly. No reason for it to be there and it's very difficult to get it off without marking the cable. Also the little plastic cable routing thing is totally useless as far as I can tell, it's presumably only there because whatever chinese manufacturer they used were told to stick one on so it looked more like a shure product. I'd love to see someone who can actually use that thing with enough cable left to run to their ears!