Well, this has to be about the coolest purchase I've made in a while - Got a pair of Etymotics ER-4P canalphones in earlier this week, been running them in all week. These things are pretty amazing, and are amazingly small. The look almost like earbuds when you have them in (very discreet), but they have amazingly good sound, in many respects better than my Sennheiser HD600's, the detail, transparency, clarity, and dynamics are all better. The 600's only better the Ety's in 2 areas, they have better bass slam (ie a more physical presentation of the bass, since bass on the Ety's is more heard than felt), and the 600's image "in your head" to a lesser extent than the Ety's. Other than that, the 4P's pretty much kick ass.
With these headphones/canalphones, you can choose either the foam tips or the silicon tips. The foam tips don't sound as good, but on the other hand the silicon tips are a bit difficult to get put in just right. But once you do get them in just right, the transparency very much rivals the best ribbon/electrostatic speakers. Very nice indeed.
I haven't even mentioned the isolation yet - when you put these things in, the outside world tends to just go away sonically. 20-25 db of isolation. Conversations, fans, keyboard strokes, babies crying, all tend to just go away, even with no music playing. Since you are now in a quiet environment (it's like wearing ear plugs), you don't have to blast the volume to drown out other sounds, which is much better for your hearing long term.
The only complaint I have at all is that there is not much power to deep bass. In this respect they are like listening to a world class bookshelf speaker, where as the HD600's give more of a full range tower type sound. The bass that is there (down to the mid bass) on the 4P's is nice and full, it just doesn't do real deep bass with any power.
Anyway, all of you audiophools that have to travel or work in a noisy environment, the 4P's get a very big thumbs up, especially given their amazingly small size. They come with a small pouch that zips up and fits very easily in to a shirt front pocket, or in a bag or briefcase. Put them with an Ipod or quality discman and you've got great sound on the go.