Oh gosh...
I've only been to three headfi meets. And I've only owned two sets of cans (hd 650s and K1000 with moon silver dragon hardwire), so I'm not the ultimate in knowledge on this topic.
All I know is when I go to the meets (the last two with RWA gear), people are very impressed with my system. Much of this IMO has to do with the quality of my source. Initially I had a Wadia 830 with factory second power supply added -- now it's an Isabella w/ DAC / headphone stage & a Signature 30.2 straight amp (driving borrowed K1000s). Many headfiers have never heard a source the quality of in Isabellina DAC.
That said, Vinnie and I have had this discussion via phone, and he has more time listening to hd650s and K701s on his latest gear than I. So his opinion is worth more than mine.
For the last 7 months all my play money has been spent purchasing new drum equipment ($3,000+ and counting), so I haven't replaced my K1000s.
That said, based on what I heard on my Isabella, the Amphora, etc., and having lived with Ken's 702s for a couple days and hearing 701s at the last meet I attended, I would go for 701s. Bear in mind I can handle a fairly tight sound, where the hd650s often to my ear are overly warm. Many people love their grados, yet I spent a couple days with GS1000s, and I would take 701s driven from the RWA dac/headphone amp in my Isabella no questions asked.
So I like 701s. You listen, you might perfer 600s or 650s.
From my perspective, many headphones have too much mid-bass. Just like most TVs from the factory have grass that's greener than real grass. What catches the eye/ear on first listen is not always the most accurate or easiest to live with for a long period of time.
Last I looked street prices on 701 were just over $200. If I hadn't been saving and spending all my play money purchasing new drum stuff, I would probably own 701s. Not that they are the ultimate. But to my ear -- based on my limited experience -- they sound great, and the price can't be beat.
If you want an warmer sound, with more bass, than 650s may be the better choice.
Sorry if this is not more definitive, but IMO you need to hear them for yourself, even if that means purchasing with the right to return if you're not 100% satisfied.
Kent
Here's a picture of why I currently can't afford headphones... aa
