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[Video, The Verge] Hear how the best ANC headphones handle real world and lab tests
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This is a most excellent place for technology news and articles.
While they mute the noise, they don't make it impossible to discern, IMHO. I have the XM5, and I still hear the traffic, constructions etc. If I'm playign music it's harder to hear, but definitely not if it's just ANC by itself.