What's wrong with the M40's? They are pretty decent from what i remember. I'd definitely get a pair for my collection.
I haven't listened to them in a while (loaned out)...but if I remember right, they have a bit of sibilance, the cord wasn't the best (mostly the connection), and I believe the bass was a little over the top. They weren't really the most transparent, either. They were fun, for sure, despite that...I purchased some Senn HD 25-1 II based on reviews and such and they're boring as heck (though maybe I just prefer circumaural).
The HE500s are pretty tempting, but for that price I might demand better build quality, personally. Some Beyer T1 for $850 I'm trying to ignore right now (used market)...so many choices...