What's missing? Oh, just every improvement in audio quality, ANC and standards like Bluetooth that was made over the last four years. Other than that, nothing much. The original APM was released at a super premium price (compared to main competitors like Sony and Bose) because it represented the best, most cutting edge headphone that Apple was capable of producing, easily eclipsing anything else in the AirPods lineup. The, cough, "new" APM retains the super premium price but no longer represents the best of anything, even among AirPods. I mean, c'mon, how hard would it have been to at least spec bump it to the H2 chip that AirPods Pro has had for 2 years... or really surprise us with a next gen H3!... and update it to the latest Bluetooth standard, not the one from 4 years ago. How about an actual on/off button, finally, and ditto for an ability to use it in wired mode. The APM 2 is a huge missed opportunity with an insulting price tag to match.