My twopence.
I've had a pair of 371s for a short while and I really like how they sound. I've just tried Amir's EQ settings and I can hear a slight increase in clarity, particularly on vocals, but I'm completely happy with them "neat", it's quite subtle and, for me, not essential.
Compared to my Focal Clears, sonically I could happily live with either of these headphones and given the huge price difference between them, that makes the Focals shockingly bad value. However, as one would hope, the Focals are much better built. In addition, despite being heavier, I find the Focals more comfortable. The larger and deaper ear pads on the Focal Clears fit around my ears better and they are also much cooler; I find my ears get quite hot in the AKG 371s, such that I want to remove them periodically to allow my ears and the pads to cool down.
Regarding the hinge and adjustment mechanism, I agree with the critisisms, it's a bit vague and it's a shame they didn't do a better job of it. Of all the headphones I've tried, it's probably the worst. They're fine for home use, where I use them, but I suspect that they would be pretty useless if you want them to wear while out and about, in the gym, or for DJs, etc.