Here's my full review of this item that just popped into Apple stores in the U.S. a few days ago. I tried to characterize the sound compared to average-good hifi headphones, but the very recessed treble complicated matters. Still, this is a good value in my opinion based on comfort, style, EQ'd sound and portability.
http://www.stereophile.com/content/bw-p3-stereo-headphone-review-dale
http://www.stereophile.com/content/bw-p3-stereo-headphone-review-dale