I've now acquired an FC7 in addition to the various cans I wrote about earlier in this thread. I've only had about an hour of listening time so these are preliminary impressions based on a brand-new unit with no burn-in, but I thought I'd go ahead and post in case this is of relevance to anyone's holiday shopping.
Overall impression: this is the headphone I'd recommend to someone who wants portability and isolation in a non-IEM headphone, without going up to the size or cost of the HD25.
I'll start with what I think is the key differentiator. The ATH-FC7 is the smallest non-IEM headphone that (IMO) provides a useful degree of isolation. On my ears the PX200 provides essentially zero isolation, and the K26P only a very little bit more. The ATH-FC7 provides genuine isolation -- a rung below what the HD25 and HD25-SP provide, but still very genuine and useful isolation.
Size-wise, this headphone has roughly identical earcup diameter to the HD25 and HD25-SP, but a much more slender profile. They just don't stick out, and the headband is inconspicuous as well. I would not be the least bit selfconscious about wearing the FC7 on a bus, on a campus, etc. (FWIW mine are the metallic grey, and I'm pleased with the color.)
I would rate them as more comfortable than the HD25 and HD25-SP. Less than the lightweights like K26P and PX200, but that's to be expected.
Sound, unamped from 4G iPod: good, but I wouldn't say it's a wow. The sound is not exactly "muddy" but it probably does qualify as "silty." Notes are less distinct and spacious than I'd like, and overall it doesn't really shine. (To be fair, this is pretty much how I feel about just about anything unamped these days, so take my impressions with that in mind.) It is a little on the bassy side, but not overly so.
Comparatively, I enjoyed them more than PX200, but less than I would PX100 or KSC35. They're roughly a tie with my first-batch K26P (depending on how much you value the K26P's extra bassiness), and far ahead of the later-batch K26P that I tried. They are left far, far behind by the HD25 (unless you find the latter too bassy), and are somewhat less clear than the HD25-SP.
Sound, amped really picks up. Clarity problems are gone, and the bass acquires real presence and authority without becoming overbearing. Well done! I spent about an hour doing housework with the iPod in shuffle mode and a Porta Corda II clipped to my belt, and on track after track of many different genres and artists I was surprised and impressed by the quality of these little headphones when given a little juice.
I'm not ready to give amped comparisons to the other headphones, but my first impression is that the FC7 more than holds its own.
For my last few minutes of listening I plugged the FC7 into my Gilmore Lite instead of the Porta Corda. The FC7's sound improved yet further, with still more clarity and still more bass authority.
Summary: this is a good headphone. It sounds decent to decent-plus unamped, sounds very good amped, isolates well, folds up small, doesn't make you a fashion victim, and leaves you with substantial change from a $100 bill. I don't know anything else that meets all those critera. Recommended.