scottluYeah, it seems that they share the same driver but the build seems to have changed a lot and that's quite important for the sound quality of the driver. I'm pretty sure that the black colored no.3 is exactly the same as the other one with just a different color insert. I doubt that affects sound quality at all.
QwervyI used to have the No.3 and I sold them. The bass was strong but I felt the upper end just didn't meet my preference. They seemed rolled off too much. The Live 3 produces the bass of the No.3 but adds more air in the treble region that makes them seem more detailed. They do not have the peaky treble that some of the other TFZ products such as the King Pro had. Definitely better in my opnion than the No.3.
CyberthingyThe high-mids on the No.3 are elevated which makes the higher-highs seem recessed which I dont mind too much. Was the quality of the bass the same as the No.3? Also are the mids about the same or are they more recessed?
QwervyIt's been a while since I had the No.3 Iems so It's kind of hard for me to get too specific but I remember them being bass dominant and very warm sounding. To me they lacked detail compared to other sets I own. I really enjoy the Live 3 because they do have strong bass but they they have more detail due to the prominent treble. It is a V shaped sound signature but I think done very well. Mids are set back a bit but not too much for my taste.