So, head-fi buddies (to those who aren't offended by the terminology) and other fellow head-fiers, I have had the SE535s in my ears for a good hour, switching them from time to time with the Earsonics, both SM3 and SM2. This is not my detailed impressions that are forthcoming, so I will refer to the Earsonics IEMs together as compared to the 535 - since the Earsonics earphones aren't really that much different from each other in sound sig IMO.
So I'll say right off the back that I prefer the SM? sound sig over the 535's sound sig in general. This is really a matter of personal taste and preference, and doesn't reflect negatively on the SE535 at all. With that said, there is quite a bit to enjoy in the Shure SE535 sound sig over the SM3/2. For one, the whole sound spectrum is not so upclose and personal with the 535. There is more space between the listener and the performance. Is the Shure soundstage wider than the Earsonics? Yes, but that isn't as important to me as it once was. This simply means that the 535 gives you more of a dynamic of watching the musicians at a concert more so than being on stage with them or in the studio.
The SE535 is far less warm sounding than the Earsonics, although I never felt the SM3/2 was really warm as compared to the Monster Pros. The sound of the 535 is much clearer and more transparent than the SM3/2. In some areas you hear more details in the 535 than the SM3/2 (high mids for example). The treble is more forward in the Shures than the Earsonics. There is more shimmer when cymbal are struck in the 535. Is there more details in the highs? I'm not too sure about this, because although the SM3 highs can be a bit recessed (especially with the wrong tips), you can still hear a lot of minute details in the Earsonics' highs.
Where the SM3/2 beat the SE535 hands down is the weight it puts on the bass and mid instruments - especially bass, acoustic guitar, strings and piano. It just feels like you're in the room with those instruments when being plucked and/or strummed. And this is probably the main reason I like the Earsonics more.
Vocally, there is more weight and detail in the Earsonics' vocals, but that not to say the Shure vocals aren't detailed and/or nice, they are. As I've said earlier, instruments blend together more cohesively within the 535 than the SM3/2, which is a plus for the Shure.
So I declared early that I prefer the Earsonics SM3/2 over the SE535, but it certainly doesn't mean I dislike the Shure IEM. Quite to the contrary, I like the 535 more than I ever recalled liking and enjoying the SE530. Why is that? Well, I think the extension in the treble contributes to this feeling a great deal. I like the smooth blending of the sound sig a great deal also. I do plan on getting my old 530s from my friend in the near future and do a more comprehensive comparing of the Shure 5s. But, again, I can tell instantly about the better treble extension.
I think in the end, this is going to be about which sound sig you enjoy more if you don't plan to keep both the Earsonics and Shure. I think the Earsonics' bass being close to the sound of a dynamic driver bass like the FX700 and DDM gives it an edge with me. But there is so much I like about the SE535 - including the build quality - that kind of makes me feel that I wouldn't put them up for sale. And I can honestly say I like the 535 a lot in just a couple of hours of hearing them, whereas it took me almost a year and a half to really appreciate the sound of the 530.
I should also add that bass is there inside of the SE535, but not in the massive quantities produced by the SM3/2. the SE535 kind of reminds me of the e-Q7 in some ways. The bass is definitely a few notches deeper than the e-Q7's bass, but the Shure mids is maybe a notch below the Orto's mids in detail and clarity. I think vocals wise, Shure is better than the e-Q7. The 535 has very nice decay with its instrument presentation. It took a while for the 530 to open up and really blossom for me, so I expect the same with the 535.
I kind of see the SM3/2 vs. the SE535 in the same vein as I see the SM3/2 vs. the FX700. There are enough good qualities in both to make them both worth keeping. But I also realized earlier that if I was to sell the SM3, SM2, FX700, DDM and SE535 now, I would have enough money for a nice pair of JH top-of-the-line customs. But would I want one great expensive custom to satisfy my listening needs, or do I enjoy the variety of sound sigs and timbres currently available to me? I think I enjoy the variety of sound sigs I possess right now. I own five top tier universal IEMs, and like a proud father who loves all of his children - no matter how different their personalities are - is how I am feeling about my various top tiers right now.
So, I love the Earsonics quite a bit, but I heavily like the SE535 at this point. I think if there's anyone out there who heard the 530 and really liked it, well you will love the SE535. It has been tweaked nicely without throwing its original sound signature away. The 535 still needs many more hours in my ears, of course, to get a definitive feel and liking of it.