I have one. The sound is fair -- not great. I would not use them for critical listening. The main problem is that the sound has to be down-mixed to stereo (although there is a stereo-only mode) and Sony's HRTF is not great -- only fair (I would make a point of switching to the CINEMA HRTF instead of the STANDARD HRTF, though). They also don't have fantastic low bass response (which is not unusual among headphones, but most 3D movies have plenty of explosions and other low-frequency audio activity.)
My copy of the opera Carmen in 3D is on its way, so that will be a more critical test. I would not use HMZ-T1 for anything else than watching 3D movies, and frankly, most 3D movies I've seen have loud, noisy, rambunctious soundtracks -- which the HMZ-T1 (or pretty much most headphones) are probably pretty good at capturing.
The pixels are clearly visible in the HMZ-T1, so I don't really think it is a viable alternative to, say, a 4K 3D projector. But it is probably the best 3D solution in its price range.