The only problem I have with my 530's is that the damn wiring keeps giving on one one side and I keep sending them in for warranty exchanges...wish Shure would use better wiring. I'm on my third pair and guess what? The left ear is going out (same thing happened to my last pair).
I've read horror stories similar to yours and I don't envy you the trouble.
Myself? I've not had any problems. I wear them in really nasty outdoor conditions too ... working outdoors in dusty, damp and pretty unforgiving locales along the Port of Houston ... daily use, etc.
I have, however, every few months or so, moistened the cabling with a damp cloth or even rubber conditioner every now and then (because, again, of stories like your own) ... but I've had no problems for a year or so.
I will say this ...
They are sort of source dependent ... I find they are at their best only after being amp'd and only after careful EQ'ing ... but again, that same versatility is why I like them for the money.
I
really want a pair of JH Audio JH-13's but I don't have a spare 1300 bucks laying around for new IEM's.
LOL.
BTW:Shure is set to release (mid 2010) the SE535's which will feature detachable/replaceable cables; apparently, the same drivers, but the replaceable cable is nice and it also opens wide the doors for 3rd party custom cables to be made ...
Check it!
http://www.trustedreviews.com/mp3/news/2010/01/07/CES-2010--New-High-End-Shure-Earphones/p1