The comments here show a lack of knowledge of the audiophile community. The Drop Panda is a planar headphone based on the very popular Oppo PM3 which was a favorite among audiophiles before they were discontinued. Drop formerly “mass drop” has been catering to audiophiles for years and is extremely well respected. The Panda is an excellent comparison for the APM and in fact there are dozens of discussions on this topic already. The Drop name carries plenty of weight among audiophiles.
I happen to own both headphones and think the comparison is very relevant. The Drop Panda sounds better to me overall but it is very close. The APM have more bass but the mids on the Panda are much better. The Panda sounds slightly warmer and balanced.
The Panda is 400 which already considered pricey for BT headphones and the point of this comparison is that for 400 you can get high end BT headphones that sound as good or better than the APM. If you don’t need ANC or the Apple centric features, the Panda is an excellent alternative and will save you some money. And the Drop Panda blows away the Bose and Sony ANC offerings when sound quality is concerned. The Drop Panda should be on anyone’s short list if they are considering the APM.
I own these Drop headphones too. As you can tell from my avatar, I am a headphone kind of guy,
I have had the the Oppo PM3 on my wishlist, for a while, but never got around to buying one before they closed up shop.
There are two things I like about it this "reborn PM3 wireless edition"
First, if you run it in passive wired mode (i.e. circuits turned off), they sound almost the same even with no processing going on. That means even if the circuit dies, I can use it as a normal wired headphone. Or if I run out of power, it's not a useless brick as long as I have a headphone jack nearby. With some of these ANC headphones, if you turn the circuit off, it either makes no sound or sounds very different.
The sound signature is more relaxed which is the opposite of what Bose/Sony/Apple are striving toward, there are more tuned toward "audiophile" sound signature. Less bass for sure, but good sweet mids and less "in your face" highs and lows. They can still hit hard when needed be. The Max in comparison has noticably heavier bass signature, and probably would make most bassheads happier than the Panda would.
All in all I like my Pandas for around the house and office use, and if I need something to listen to outside or commuting (with ANC), the Airpods Pro actually does a pretty good job (good enough sound, good noise cancelling), and nothing beats their convenience. I wouldnt bother with over the ear headphones outside anyway, too unwieldly to carry around.