Sennheiser HD201 DJ Stereo Headphones $15 at Newegg

I'm a HUGE fan of the 202s -- not sure how the 201s differ, but this is the lowest price I've seen (usually $18-$20). The 202s are by far the the best low-price headphones I've owned -- nothing in the price range has come close. The only thing I'd change is the ridiculously long cord.

EDIT: did a little googling and found several discussions of the 202s vs 201s, including:

http://www.overclock.net/sound-cards-computer-audio/544019-sennheiser-hd-201-vs-hd-202-a.html

Looks like the 202s have more bass, while the 201s are slightly better for "audiophiles" who want a more balanced spectrum. Guess I'll pick up a pair of 201s and see for myself. They're $17 (not $15) at Amazon BTW.

Yes #1 that assessment is about right tho an audiophile would tend to turn their nose up at either, opting for at least HD555 (now replaced by HD558) for non-portable use. There are a few HD555 still in the market at buy.com or amazon for $110 but I doubt we'll ever see them again at the lowest sale prices of the past and HD558 still cost more for no justifiable reason.

http://www.amazon.com/Sennheiser-HD555-Professional-Headphones-Channeling/dp/B0001FTVDQ/

http://www.buy.com/retail/product.asp?sku=90131764&sellerid=28645630

One other difference is the HD202 have a more flexible type of plastic in the headband and difference cup attachment which is less prone to cracking so they might last longer, though either may end up with the cord frayed apart where it meets the headphones... shame they couldn't use a bit beefier wire. Still both are great for their price.