I haven’t tested either of them. Those who did, what do you think? Are the small ones better than the Max?
There's a simple answer here: absolutely not.
Longer answer:
I've tested multiple high end wireless ANC headphones and earbuds, ranging from the AirPods Pro 2 (cheapest) to AirPods Max to the Focal Bathys (around $599-$699). Others I've tested include B&W PX8s, Sony XM4s + XM5s (both buds and headphones), Sennheiser Momentum 4, B&W PX7 S2es, Bose QuietComfort Ultra etc....
I keep coming back to the AirPods Max.
Yes they AirPods Pro 2 are very good earbuds, but they can't compete for sound with AirPods Max simply due to driver size. The APMs have a MUCH wider soundstage, more satisfying bass and crisper highs. The sound just feels bigger and more 'authentic'. The APP2s are smaller sounding, much smaller soundstage. The cope well with highs but mid and bass noticeably weaker. They're more of an 'in your head' sound, whereas the Max are much bigger in scale. The bonus you get with APMs over other over-ear headphones is Spatial Audio, and watching movies/shows (especially with Dolby Atmos or via Apple TV+ is noticeably more enjoyable on the APMs.
That's not to say the APP2s aren't very good. I'd take them over multiple other, more expensive over ear ANC headphones. The Spatial Audio compatibility helps push them up the rankings.
I think the Maxes right now are too expensive for what they are. They should be around the same price as the APP2s, that would be fair. They're definitely overpriced right now.
Massively disagree here, it's not even a debate - just look at the replies so far saying similar.
Yes the APMs are overpriced (and were when they launched), but to say they should be the same price as APP2s is laughable. The APMs are considerably better in almost every way. Yes they have slightly newer tech - but nothing that improves the sound of the APP2s to near APMs. The newer tech is stuff like the H2 chip which helps with locating them, and features to do with transparency mode.
APP2s if anything are overpriced. Should be around $150-$180.
APMs should be around $350-$399.