In the market for inexpensive studio headphones? Altec Lansing might have just what you need. We were impressed with the sound quality displayed here. Though it doesn't have any bells and whistles, it's price is right.
You can read the full review here and discuss it here.
I went and had a listen to these headphones at Colin's house. For $25, they're an exceptional bargain (if you don't mind the less-than-robust build quality).