Just got the K422 from the Musician's Friend deal. Got a K430 last year on the last Musician's Friend deal, and people seem to want a short comparison, so here goes:
The K430 has nicer build-quality and frills over all, as you'd expect from a more expensive 'phone. These include a built-in attenuator, a single-cable design, and a form-fitting zipper case, all of which are extremely convenient for someone on the go. The K422 folds up essentially the same way to about the same size as the K430, and while it doesn't include a form-fitting case, it does include a nice vinyl drawstring pouch which might be more 'immediate' than the zipper case of the K430.
It's hard to say which is more comfortable - the K430 feels lighter, but also sits on top of your ears? I guess? Whereas the 422 has a snugger fit. The flipside of that, I guess, is that the headband is a bit stiffer and more difficult to adjust than on the K430. So I'll call it a draw on that one.
I like that the finish on the K422 is more subdued than the rather kitschy faux-silver and glossy back-of-driver driver accents of the K430.
The packaging, like the K430, is tastefully done. The front cover is magnetic, and flips open like a book, after ripping off by the little corrugated tabs on the top and bottom.
Sound is night and day. Put simply, I love these things! Now, look, the K430 is a closed phone, with a great soundstage, a sort of cold, live sound, and subdued but definitely extant bass. They're really, really great for classical, jazz, and anything with vocals. The K422 is a fun, open phone in the best tradition of open phones, and while I'm a big fan of my K430s now, I suspect the sound of the K422 will be much more accessible and closer to what most people expect headphones to sound like...especially if your listening leans more toward rock or pop or hip-hop, all of which really shine here, especially rock. They are underwhelming in comparison to the K430 for jazz and (to a more limited extent) classical though, losing their 'live' sort of feel, but this might be due to my changed expectations about what those should sound like. I think there is a certain clarity that the K430s offer that the K422 lacks, and this really shines through on vocals (say, Adele), which are a bit more muddied by the, I don't know, 'richer' reproduction of the instruments. The OP had it right: "Usually that means a midbass hump, and enough detail and clarity to know what you’re listening to. We all know that Portapro kind of sound. the 420s are that on steroids."
Besides all this - I'm not sure, but it seems like the K430 is a bit louder at a given volume than the K422. This might be because they're closed, but as practical matter, they're not that much louder as to make a huge difference and both are easily driven.
The bottom line on SQ: if you're migrating from the fragile KSC-75s, or got your start with Grados, then these really are a no-brainer. I'd say these are better than the KSC-75s SQ because it's less sizzly and more bassy thanks to the snugger fit. Alas, like the Grados and Koss...these are still open phones. That means: they are useless on the subway, on busy streets, on airplanes. (It also wouldn't be very considerate if you play them really loud.) So they won't be replacing the K430s in my routine any time soon, but if that's not a concern for you these should be at the very top of anyone's list for ~$20, and a very strong contender even at the going price of $45-50 (which is more difficult to say about the K430).
So there you have it! Hope this helps some of you.