I have been swapping between these and a pair of Sony WH-1000XM5s for the last month, and the moment that decided it for me was a Joni Mitchell album I have lived inside since college. The MW75 placed her voice in a specific spot in the room, with the guitar slightly behind and to the left, in a way the Sony did not even attempt. Both are excellent headphones. Only one of them sounds like the recording was made in a place.
The build is the immediate first impression. The outer plate of each cup is a single piece of tempered glass with the brand etched into it, the frame is anodized aluminum, and the pads are wrapped in leather that has held up to three months of daily use without any visible wear. At 11.9 ounces it is heavy, but it is lighter than the AirPods Max, and the weight is distributed in a way that does not collapse onto one part of my head. I have written for four-hour stretches in these and never had to take them off because of fatigue.
The USB-C path is where the audiophile case is made. Plug into a Mac or an Android phone and you get bit-perfect 24-bit at 96 kHz through a real DAC inside the cups, no separate amplifier needed. The difference over Bluetooth is meaningful — better separation in busy mixes, a tighter sense of timing, more space around vocals. If you are on an iPhone, this entire paragraph does not apply, because Apple does not pass USB audio through to the headphone the way Android does. That is an Apple decision, not a Master & Dynamic one, and it is the single biggest thing to know before buying.
Wireless is no compromise either. Aptx Adaptive is here for Android, which gets you close to hi-res over Bluetooth, and on a recent flight the standard AAC path sounded better than I expected. The codecs are correct. The execution is correct. The only place Bluetooth lets you down is the four-color choices, only two of which I would actually want to wear on a video call.
The annoyances start with the ANC switch. There is a physical button on the right cup that cycles between modes, and every time you press it the music cuts out for almost two full seconds while the headphones recalibrate. After a week I had trained myself to just leave the mode where it was. The ANC itself is good but not great — it has a faint background hiss in quiet rooms that I noticed on a redeye flight and could not stop noticing afterwards, and it is visibly behind a Bose QC Ultra in absolute terms.
The case is the other small comedy. It is hard, it is huge, and it does not fit in my work bag without rearranging the rest of the bag. The headphones fold flat but not up, which is the same compromise the AirPods Max made and the same one Master & Dynamic should consider fixing.
Call quality is excellent in a quiet room and merely acceptable in a noisy one, where the voice compression artifacts start showing up. If most of your calls are from a coffee shop, a Sony XM5 is the better tool.
Verdict: Buy the MW75 if you are on Android or a Mac and you want the best-sounding wireless headphone available. If you are on iPhone or you need a small case, look elsewhere.