The HIFIMAN Edition XS came real close to getting an Editor's Choice award from me, falling short only due to the points listen above. The 1–3 kHz dip of the HIFIMAN house signature combined with the U-shaped tuning, which is executed well, makes this set less than ideal for general media consumption and many vocal segments. Male vocals are forward-facing in a bad way, and female vocals take the stairs down to the basement. If all you listen to is instruments in, say, the likes of jazz, R&B, or even most classical music pieces, the Edition XS is an excellent buy for $500. It is a clear step up from the $150–350 sets I am most familiar with, especially for the deceptively good bass response that gets even better with EQ. For those who exclusively listen to complex, fast orchestral pieces, the Edition XS does well but is similarly a clear step below the likes of the HIFIMAN Arya that costs over thrice as much.
One major thing that will affect whether my findings match yours is the clamp force on your head. The Edition XS provided relatively low clamp force on my average-sized head with having the headphones on the lowest sizing step, so your mileage may vary if you are on either side of average. The bass extension and associated signature is based on the seal, or lack thereof. As seen on the frequency measurement rig, the relatively worse seal meant it didn't look like the slightly warm set it actually is. Likewise, whether or not the treble response seems bright to you will depend on your treble sensitivity and the songs you listen to. There were multiple instances where I noticed some sibilance, but it was mostly the Edition XS exaggerating sibilance in the recording than it wholly contributing to it.
Ultimately, there is a lot more to like than dislike about the Edition XS, especially as the Edition XS effectively shares a lot in common with the HIFIMAN Arya. This is a great example of diminishing returns, as those who got the Edition XS for even less in China must be loving the leap of faith they took before prices went up 25% after it launched internationally. Granted, my current lack of $500–600 competitors isn't helping in comparing the Edition XS to others that might potentially be better, but it does not take away from the fact that these are definitely a good set of headphones and well worth the recommendation.