I'm split on these... having owned every model in the line started with the M-100, still owning and using the Codex (despite also owning the APM...), I was quite disappointed with the M-200: the tuning was most definitely not to my liking, and the comfort was even worse than the M-100. Switching the Codex to the XL pads just recently gives me a much more comfortable experience, with a much more likable sound signature.
No specific reason for that, but I always liked 50mm drivers (I know, arguments for and against larger/smaller drivers etc.). Interesting to see the new model switch to 40mm drivers after all its predecessors including the M-200 using 50mm. If this does go with a new tuning (and I'm not only talking about missing low bass, but also about midrange and treble, both of which I disliked on the M-200), I might try this out at some point in time. I'm not going preorder them anymore though, the M-200 was just too much of a disappointment for me personally.
What I really don't understand is the naming scheme though: M-200 sports a radically different sound signature from M-100 and its brethre, so maybe opening a new line (new letter) would have been appropriate. But ok... Yet now a new model with another tuning and even a new driver shares the M-200 name -- what is this supposed to mean? If the tuning is a descendent of the M-100 Master and Codex, M-200 would seem appropriate (with suffix, that might be OK). But given the existing M-200 -- that doesn't make any sense to me.
On the positive side, I like how they evolved the M-100 design with the M-200. Looks really good, and I appreciate the new model coming with a different color scheme. The keys look good as well, and I'd hope they are not as squishy as on the Codex (really bad, almost no feedback and sometimes not working, getting worse over time).
Personally I don't care about ANC, not even on the APM despite it really works well there with still very good sound quality. Much prefer passive isolation -- which brings me back to the too shallow pads on the M-200. Since these seem to not have changed in any way on the new model, I'd expect the same problems with comfort for me. Would be nice to have an XL variant available as an option at least -- plus I did appreciate the subtle changes to the tuning with the Codex when applying those XL pads).
Seeing the immortal life program scaled back to a measly 20% makes me sad somehow. Not because it was such a good deal for me, living in EU ate those 50% up quickly (import fees, shipping costs), but its one of those unique things about V-Moda going away. Just like the unique sound signature with a good focus on the fun side of things, robust exoskeleton case (sorry, the new one is just... a shadow it the old one. Much cheaper to produce though I'm sure...). The new design on itself looks quite nice, but in the grand scheme of things its just another brick in the wall so to say... moving away from Vals ideas. Which may be consistent with Val leaving the company, but still this story was my personal reason to actively follow V-Moda (and purchase so many of their models). This was simply lost for me... now I'll evaluate each model just as every other model. Which is not a bad thing at all, its going to save me quite some money after all.
Talking about prices: although there is a V-Moda EU webstore quitting prices in €, items still ship from US, with import fees, delays and shipping costs adding up. Not ordering the M-200 ANC saves me about 680€ -- way more than the APM costs (which is more expensive in EU as well), and I have to admit I'd be surprised if the M-200 ANC would best it in audio quality (not speaking of other features that are harder to achieve like plattform integration).
Sorry for this post being more on the negative side. I see V-Moda as a brand moving away from what I associated with that name, which obviously I don't like that much. This doesn't mean that evolving V-Moda isn't a good idea -- it may well be. Just not for me I'm afraid, since to me the changes seem to accumulate to take away those unique aspects that made up V-Moda and streamline it, making it disappear on the background of all the other brands doing the same things right now. Which is kind of sad. For me at least.