Sound quality is on the same tier with the APM IMO, it may have a slight edge. The bass quantity is about the same (edit: maybe a dB or two heavier), but it's thicker and seems like it decays a little slower, this helps with bass texturing and adds in bass presence. Upper midrange has a larger focus vs the APM that focused on the lower midrange. Vocals have more energy and presence with the M-200 ANC, but the APM has audible air in comparison; sibilance isn't an issue with the M-200. Right now the APM's treble seems softer than the M-200 with a little more detailing; M-200 is more energetic. Though the APM's treble kind of started out worse than the M-200.
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Comfort in terms of clamping force is very close to one another. No hotspots on the top of the head that I can feel; though V-Moda never really has had this issue in the past to begin with. Cups don't swivel though, so your fit may not work nearly as well. The APM can fit a smaller head than the V-Moda, my head is barely large enough to work comfortably (I knew this coming in from past V-Moda headphones). Pads run hotter in comparison and seem less spacious (internally) than the APM.
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Keep in mind initial impressions are likely to change with time.
Edit: Upon further listening I should probably volume match the headphones better