Hi all, this is my first review on Head-Fi.  I would be talking more on the physical properties of the headphone than the sonic quality.
 
I have been looking for a portable circumaural headphone to replace my AKG Q460.  I found the AKG Q460 lacking in isolation, and for it to sound OK to my ears I need to use my iPhone's Bass Reduction.  On the go, I drive my headphone solely using my iPhone.
 
After a long search, I finally decided on this pair.
 
What I Like:

• It is compact and doesn't look too bulky on the head
• It folds, and I can keep it in my messenger bag
• It lays flat so you can wear it around your neck and it won't bump your chin
• Earcups rotate in many different ways
• It comes with 2 detachable cable: coiled (1.2m extendable up to 3m) and straight (1.2m). The headphone side of the cable is 3.5mm and screws-in securely to the earcup.
• Possibility of making the headphone iPhone compatible!
  I figure I can use a V-MODA cable with iPhone 3-button remote and mic either by plugging it straight or getting a 3.5mm-threaded-male to 3.5mm-female connector.
• Sensitive enough to be driven direct from iPhone
  When demoing HD25-1 II, I had to turn up the volume to max, but with this headphone, 50% volume is good enough.

 
 
What I Don't Really Like:

• Earpads are a bit on the thin side and could be larger, more to M50 size
• Headband hurts the crown of my head (but could be due to my SRH440 which is infamous for the pain inducing headband)
• Headband adjustment is made of plastic where on M50 it's made of metal

 
Sound Quality
This headphone never made my shortlist before as it's been called by many a bass-head phone and my experiences with bass-head phone had been pretty bad. Out of curiousity and desperation I decided to give it a try and was I surprised.
 
The bass is the most powerful among other cans I tried, and it's tight. Comparing it to XB700, the XB700 sounded very loose.  Some people said this has earth-shattering bass, but I don't find it to be the case.
 
The mids and highs are a bit recessed, but I can still get enough detail.  I found other bass-heavy phones to be muffled, but not the case with the Pro700 Mk2.