I've had these about a year now. Here's my thoughts:
First thing to understand is that these are reference earphones, not hi-fi earphones. By that I mean they are designed to reproduce sounds authentically, just the way they were recorded. They do not flatter the sound by colouring it in any way. What this means in practice is that if you are listening to something that has been well recorded it will sound stunning, but if it hasn't been well recorded, or perhaps it simply hasn't been mixed to your own personal tastes then you're not going to like what you hear.
Most earphones are designed to flatter the sound source by enhancing specific frequencies, particularly bass. So if you're the kind of person who instantly reaches for the graphic equaliser as soon as they switch on their hi-fi I'd recommend looking somewhere elsewhere.
On the other hand, if you enjoy listening to music the way the band intended then these are probably your ideal earphones. They are completely transparent and faithfully recreate every detail of the sound source. You can really pick out individual sounds in a music mix really easily with these earphones, so if you're that kind of listener, again, these are probably for you too.
By far the best thing about the ER-4P's is the sound isolation they offer. Using the default silicone plugs is pretty good, but I find the foam ones even better. Don't let the tech-heads fool you - these are waaaaaay better than any noise cancelling earphones on the market. You can sit in a room with the TV on and still listen to your music undisturbed in beautiful detail. It's not the first time someone's even had to answer my phone in the office because I couldn't hear it ringing, though it's right beside me!
The good points are:
* Sound isolation when using the foam eartips - personal nirvana on airplanes, trains and buses - but watch out for cars if you're out walking!
* Weight - unlike a lot of really high quality earphones they weigh next to nothing, so you can easily wear them for hours
* Sound quality - I listen to audio for a living and these babies are great BUT (and it's a big but) they're an acquired taste - when you first listen with them you may well be disappointed that they don't "tickle the auditory nerves" like some of the others. Some earphones enhance particular frequencies that your ears naturally pick out in order to put a shiny gloss over the music. Earphones like that sound great when you first put them in your ears, but they can become tiring to listen to after time - it's like having the equalizer turned on all the time. In my opinion, it's best to have the earphones faithfully recreate the music the way the band intended and then flavor to taste with equalization of your own choosing.
In fairness, I rarely listen through these with completely flat EQ - normally I'll add a bit of bass 'cause I'm a sucker for the groove!
The bad points are:
* Cost - 'nuff said.
* Foam eartips - they help to keep your ear canals clean by ensuring all the wax ends up on them (yeuch!), so you have to buy replacements every so often (2-6 weeks constant usage depending how waxy your ears are) and they're not cheap (about £10-15 for half a dozen) - but it's worth it to spend time in your own personal nirvana!
* They look cheap - nobody's going to think you're cool wearing these because they look like you bought them from Pound-Strecher. On the upside, you're unlikely to get them nicked either for exactly the same reason.
* Microphonic cable syndrome - all super sound isolating earphones suffer from this: they're so good at blocking out noise *except* for the cable rubbing against your shirt or jacket. No problem if you're standing still, but when you're walking about it can be a pain. Not much you can do about it though - you just have to find your own coping mechanism. It doesn 't stop me enjoying them, but it does still niggle me from time to time.
* The cable's symmetrical, so you can't put the phones round your neck and let them dangle when you take them out your ears. Again, niggly rather than anything more, but beware if you're used to headphones with asymmetrical cables - it's like going back in time!
And that's about it. I'd still heartily recommend them to anyone who loves listening to music despite all the down sides.