Pros Impressive soundstage, silicone sleeves, light and unobtrusive.
Cons Sound isolation is poor, specific frequencies leak through (e.g., the cracking of newspapers), needs equalizer to sound great.
Summary Bought this set to replace my Shure E2C, because the cable isolation had cracked. The silicon sheets are a big plus, and may prevent damage to the cable, which is quite thin, relative to the Shure. The soundstage is impressive. It can really sing, once you get the equalizer settings right. Although I mostly listen to jazz on my Cowon Iaudio7, I find that the 'rock' preset makes for the most natural sound.
The biggest problem is with sound isolation. The foam tips do not work for me, because they get soiled in a day. So I use the silicon ear plugs. Although my Shure E2C had cost about half of the Phonak, I got a much bigger assortment of ear plugs and tips, and the sound isolation was much better.
Perhaps it is the odd combination of man and silicon, but with the Phonak, It seems like some frequencies from outside are even amplified. At least, some part of the frequency range is blocked, the other part filters through. In particular the sound of newspaper leaks through and spoils the fun.