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Well, out of the box, I could agree with your review. But you should try them with a proper EQ.. Hopefully it will come out very soon for easy control (and I hope enough flexibility, as current SoundID still lacks more granular and precise setting for EQ points), but if you want to try it now - go for EqualizerAPO on Windows, and you will be able to see these headphones in completely different light.
I did try a couple personal EQ settings with Roon and it improved some clarity, but I still think there are some limitations with the overall driver/headphone capability for some reason. That said, this headphone was designed for portable use and EqualizerAPO and other EQ isn't as easy to have on hand for most people. I did hear of the app coming but I don't know the time table for that release. If that comes out in near future, I'll re-assess my review with an update if I get a chance to listen to these again. I sent these off to another person to review for now but I'll try to get it back later!
I didn't think the sine was much better than these but agree it's at least not slow as molasses. It's puzzling since the Panda was supposed to be based on the pm3 which was a somewhat boring but generally accurate and competent headphone