I received the SE535 Special Edition a few days ago (from Accessoryjack), so I'm still assessing these and A/B-ing against FX700/UM3X/EPH-100, but so far I'm impressed, much more than I was but my previous SE420.
I agree with most of your review, except for a few specific things that I'll cover now:
1)
Build quality: they look awesome in red, but the casing is very similar in shape to UM3X (nozzles are a bit more broad and angled on the Shures, which is slightly better for my ears and to secure the tips). Casing finish is better than on Westones. But I'll be honest, the cables are a huge DISAPPOINTMENT. The light grey just looks like white cables full of dust. Shure, please chose clear, black or white, but grey just looks like some cheap computer cable!!! Second thing: the earguides are USELESS, they don't keep the shape you try to give them with the flimsy metal wire you can see inside. And they're not removable (unless you like to play with scalpels). If the custom-made cables for the SE535 were not so expensive, I would buy one right now (I may do so in the end)!
2)
Instrument separation: well I start with this because this is what I expect the most when I evaluate IEMs. I wasn't sure about Underhysteria statement, but I can confirm, these babies separate better than UM3X (and EPH-100), especially in the mids, which is not a small feat. Really impressive how you can isolate and locate each instrument. This may be seen as totally alien by people loving more "naturally presented music" (especially if you already don't like that with the UM3X).
3)
Soundstage: well this is always a difficult one, since you have to judge both depth (the distance thing) and spatialization (2D imaging, since height is not really a dimension for headphones). Well, I did not really a big difference in depth between the SE535Red, the UM3X and the EPH-100, they all put you very close to the scene, while FX700 put you a bit further and IE8 put you much further from the scene. Personally I like intimacy so Shures are fine with me. For spatialization, I would put SE535Red and EPH-100 in front, very good instrument placement around you. UM3X and FX700 are a bit behind, but not by much.
4)
Bass: well, I would put SE535Red and UM3X on the same stand, bass is ok, present, but a bit too tamed for the dynamic driver fan which sleeps within me. Bass punch and impact is definitely better with the EPH-100 and even stronger with the FX700 (nearly bass-head level). Ok, I'll be fair, this can be 80% corrected with a bit of EQ-ing, so no big harm, I'm not a bass-head.
5)
Mids: the main dish! As usual, you can expect forward mids with Shure. What makes so good with the SE535Red is that since seperation is excellent, vocals and guitar suddenly become crystal-clear and so intimate. Same quality as the EPH-100 but even better clarity. UM3X mids are less forward and clear (but not recessed either). FX700 are very clear but even less present (slightly recessed despite their quality). In the end, it is a matter of taste. V-shape lovers will hate the Shures. I personally EQ-ed the mids very slightly down, but not by much, just enough so they are only a bit more forward than with the EPH-100.
6)
Treble: as stated by Underhysteria, they're not the SE535Red forte (and I don't have the normal SE535 to compare with). Treble are clear, in decent amount, but far from the quality you get from FX700. They're more natural than with EPH-100 (which is a bit dry). Unlike Underhysteria, I like the treble of the UM3X a lot, I find them smooth and natural and tend to boost them a bit. Cymbals for instance are better on the UM3X, but SE535Red is still doing a more than decent job in the area.
7)
Comfort: the usual drill: either you have small/medium ear size, and you'll find the Shures and Westones equally excellent, especially with foams and silicone olives. If you have (like me) very big ears, NONE of the provided tips except the large silicone olives will give you a proper fit/seal... In this area, IEMs with smaller casings like EPH-100 or sitting nearly outside the ears like FX700 will be more universal, since they can be inserted with many different angles, so I don't need tips as big as with Shures to have a good fit.
8)
Isolation: amazing with Shures and Westones when equipped with triple flange tips, IF you can bear the "ear-raping" feeling. Isolation with single flange tips or foams is average to good. EPH-100 again provide both comfort and isolation more universally (closed driver, excellent double flange tips, providing isolation close to Shure triple flange). FX700 are virtualy non-isolant, being open and inserted in a shallow manner. With my big ears, I can only use the large silicone olives to reach a proper seal with Shures/Westones, so isolation is worse than EPH-100.
Summary:
-Pros: the Shure SE535 Special Edition are providing good value for the price (not excellent since they're really expensive) and provide an amazing mid-centered experience (neutral sound lovers, leave immediately) with great separation, good bass and treble. Bass is not on par with excellent dynamic driver IEMs but on par with other triple BAs IEMs like UM3X. Translucid red casings rock!
-Cons: Treble sound natural but could be more forward (to be EQ-ed up). Cables just suck (shi**y light grey, earguides are NOT functional and can't be removed easily). Warranty is one year only (2 years with usual models).
Final note: this is the second time I receive Shure IEMs in boxes with no seal. Don't know if this is normal or not. Given the sound quality, I'm not suspecting fakes but this is a bit surprising. Can anyone confirm or not if their Shure boxes were sealed on arrival ?