I have been a Spiral Ear user for more than ten years now. I have had the SE5 Reference model for almost ten years, and recently switched to the SE5 Nebulas.
I come at this as a musician/drummer more so than a hifi-enthusiast, so please take this into consideration
Comparing the Nebulas to my older References, I’d say that both models are absolutely great in that they have what I consider to be a quite flat profile, and I’d certainly recommend either, but I think that the Nebula to be more refined, which I think is expected with many years more R&D. The SE5 Nebulas have exceptional frequency coverage and bandwidth enough for whatever style you are feeding through them. Likewise, the spectrum of how instruments and arrangements are able to be panned out from left to right makes for a very clear sound-stage. This sounds good on the daily, but I find very good also in a live-setting because you newer quite know what you are getting from the sound guy, and whether the instruments around you can get a bit muddy.
To me, the silicone IEMs are great because I find that the silicone allows for a seal that works with the jaw movements, and actually helps keeping the seal both in practice but more importantly when you play live.
The detachable cables are also sturdier, and the hard pelican box you get with them is once again a nice touch because you wanna keep these safe.
So, yeah, I think these are absolutely great, and I can whole-heartedly recommend these. The biggest question is whether the price is worth it, which is entirely personal. No matter what, you will get get the same attention to detail, the same medical great silicone and fit, and the same great customer service, which I have only had very good experiences with.
I am open to answer questions If anybody is curious.