My K701 arrived today. This is my second serious headphone. Perhaps one can agree that this is a better set than the E500 IEM. I choose the K701 as my second pair for many reasons:

It IS the top of the line from AKG
It is suppose to be high on accuracy, but not great for bass and rock (I am not a heavy rock person).
It looks distinctive
It is particular and suited for tube amp (I have a tube amp coming).
It is either very comfortable, or very uncomfortable, from the reviews I read

Well, it is very comfortable for me. Very low pressure. Big ear pads (circumaurual), and comfortable headband. So I am glad. All the reviews says that the K701 really need to be burnt in for 200 hours before it will shine. From the first listen I have to agree. I don't think it is better than the E500 at the moment. It has more clarity I think, but I am not sure. So between short listening session today, I am letting iTunes shuffle randomly thru my 8000 tracks to burn it in.

More to follow, obviously.