Had another little pad-swap session between the stock, thick, ultra-perforated leather and Bokeh open suede.
The Bokeh open suede is not officially compatible with the Caldera, as the suede pads of the Bokeh open have a higher foam density and tighter fenestration versus the suede pads for the Caldera. Still, I was curious to try.

(I find the normal suede pads nice, natural, but transients are overly softened for my taste.)
I can hear why the Bokeh open suedes are not recommended with other ZMF headphones: bass-light and somewhat uneven. This was an easy no-go on the Caldera.
The ultra-perforated pads are not bad, I would say they offer an alternative to folks who normally prefer the stock pads. A little brighter, airier sound versus the stock. Bass gets a tiny bit lighter which I do not like.
Stock pads are probably still the best balanced; bass, mids and treble are equally present. Stock pads have a tiny bit more bass definition versus the ultra-perforated pads and a more focused mid/treble soundscape. Not as open,
pleasantly bright and precise as the ultra-perforated pads, but still kind of along those lines.
My personal favourites are still the thick pads. There are two main reasons why I love these: 1, I enjoy the subtle bass elevation these bring versus any other pads, 2, these take away the 'zing' in the upper-mid/treble area which can be present on the other pads. This 'zing' to me only becomes slightly bothering after 1-2 hours of listening. Thick pads are the best remedy, and combined with the bass fun these just make my Caldera the most enjoyable to me. (Plus, I also enjoy the enhanced space of the thick pads.)