Reposting my quick and dirty review after owning for about a week:
Good for the price, not great. It solved my fundamental problem that I had to keep things turned way down to not disturb the rest of the household, as I have no way to soundproof the current residence. (Mother in law sleeping the next room over.) I had to keep things so low I literally had to strain to hear voices.
Bass is above average, but not the best I've heard from headphones.
Setup was easy. I have mine taking input from the receiver and passing through to the TV. It was important for me to have the receiver (at low volume) and the headphones both active at the same time so that the subwoofer output was active to support my Buttkicker transducer on my recliner.
It does what is says it will; puts up an impressive surround sound field. Of course that is completely dependent on your source content. For example, I haven't noticed the height channel yet, like when the Batplane rises up in that last movie. (don't have that Blu Ray). I watched Cloverfield first, thinking that might come into effect in a few places, but never really noticed it, even when I was specifically listening for it. (FYI, the bridge scene and the helicopter crash really stood out.) But that was a weird movie because the "narrator" voice is the cameraman which is "behind" the camera, so the voice kind of floats in your head throughout the movie. Other voice sources were all naturally positioned.
A couple WOW moments this week while reviewing them were: The Hobbit during the Dragon attack. Avengers, the New York attack. Prometheus, that tunnels scene. Hellboy II, that final battle.
The price is really the hold up for me. I paid $450. Most will pay $500. Seeing as how a really great set of headphones can be had for $250-$300, the question is if it worth the price premium over what you'll get from just plugging a great set of headphones into your receiver. I've tried that with My $125 JVC stereo headphones that are good, but not spectacular. There is definitely a difference in sound stage. But was it worth the extra $450?
It was to me. Wasn't to my wife. YMMV.
Other reviews I looked at before buying:
Funny English translation review: http://www.topreviewfor.com/2014/03/19/sony-mdr-hw700/