*Updated 10 January 2014*
(I am particularly critical when it comes to grading a product. A product that receives 5/5 from me means that the item is an outstanding value; it holds a fantastic price/performance ratio compared to its competition and has those small things that just make the product that much better*
The second version of the S4s sound fantastic by all means; I cannot overemphasize the great sound quality. If sound quality is your number one priority and the only priority (above looks, build quality, extras) then go for the S4 version I. There is no reason to buy the generally more expensive S4 version II over version I. Note: These S4 version II wildy vary in price on Amazon. The price of the S4 version I do fluctuate as well, but their price variances are still generally lower than the S4 II.
I have used the first version of these Klipsch S4 series for YEARS. I have absolutely beaten the heck out of version I through snowboarding, international flights, and gym sessions/cardio workouts. They have endured to this very day, running on for over 5 years now. The first version sound fantastic and the second version does not faulter by any means when compared.
Klipsch S4 version II positives:
+Cable management is better as it is a flat cord that is not prone to getting tangled***
+Sounds just as good as the original version, if not better
+Still has a superb comfort level and a great fit as the first version
Klipsch S4 version II negatives:
-Costs more now for the same exact sound quality
-The carrying case is absolutely cruddy; it went from a nice, hardened metal case to an extremely cheap plastic/sewn soft case. The headphones don't "easily" fit in the case. This is a downgrade for sure compared to the first version
-I hear much more cable noise - THAT much more - when running
***(A big negative for me) The overall weight of the cord lines is much heavier, which is NOT good for me when running
Klipsch S4 version II sound quality/music sources/music types/music genres:
+I am not a bass head; I appreciate balanced-sounding music. I have the Audio Technica M30s, which, IMO, sound fantastic (slightly bright, but definitely acceptable to me). I have a custom-built computer with an Asus M4A77TD and an Antec 300 case combo that pumps music primarily for me. I also have a Galaxy S3 playing while I am at the gym and a Coby video player (the cheapo-depo one) for my cardio. The music I have comes directly from iTunes or ripped @ 320+ bits, which makes a HUGE difference in how good your music actually sound!
+For the same song across those three platforms, music such as AAR's Another Heart Calls, Rise Against's Prayer of the Refugee, a variety of Paramore songs, Psy's Gangnam Style, Slipknot's Sic, and *ALL* of my orchestrated Final Fantasy music, they sound great, period, end of story, just like its previous version. It's strengths are imbedded into its fullness in sound and it's overall great response to the aforementioned types of music that I listen to, especially songs with punchy bass that don't overpower songs like Call Me Maybe.
Overall grade: (even after a year) 3 out of 5 stars. These Klipsch S4 Version IIs are alright for the price, given the quality of sound and the overall comfort for the price. But I DEFINITELY recommend sticking to the first version. The first version is half the price ($40 vs $60), has the same superior sound, ridiculously awesome comfort, lighter overall weight, and a better case; IMO, still not worth the $40 (even $20 now) premium.