Got them today in the late afternoon and listening almost the whole time since.Couldn't resist and ordered them on the spot for €55, to be delivered June 3rd to 8th. We shall see (hear) how they compare to my old Ultimate Ears UA5 (€150 back then) ...
What follows is my subjective biased opinion based on an aging hearing sense, so take it rather with a bucket of salt:
I didn't compare them to the UA5s but to the Sennheiser HD800, fed by the RME ADI-2 PRO fs, using EQ for the HD800 but not for the Reds. Soundstage is not as wide but SQ is incredibly good, especially the bass. They had somewhat hard mids on bright female vocals but it depends on the seal. If seal is perfect (sometimes difficult to reach) those hard mids are (almost) gone. This said I can't think the UA5 could be better in any respect ...
Young people can be happy to get such high SQ for such low price - I'm almost getting jealous thinking about the HD424 I payed with hard earned money back in the late 1970's.