I swear by the Sony MDR-V300 for that price range. I'm on my second pair, actually (first got destroyed by alcohol when left at my friends' apartment during a party), since I couldn't find anything of the price that was similar.
The difference in both bass and treble between the neodymium magnet in the V300 and the more common ferrite magnet in the V150 (which I also own) is astounding, and the cushions are a lot softer than the V150. However, they rest on your ear rather than around it since the headphones are on the small side, which some people may find uncomfortable. The cord is something like 6 or 10 feet, longer than enough for me
Something I can't STAND but must tolerate here anyway: the cords come out of both phones (rather than just one cord coming out of one). I have a old cheapie pair of Sony MDR-201's (open-air style) and even they had the single cord, which doesn't tangle nearly as easily.
They sound terrible if you put on bass boost from your audio device (say there's a boost switch on your CD player, or bass control on you iPod), which I think is a common mistake people complain about on review sites.
I bought mine two weeks ago for $39 sale at FYE. They typically retail ~$49-59. The V150 typically goes for half that (~$19-29) and is more commonly found in retail stores, but I recommend you do the search for the V300 if you can find it.
I don't consider myself a headphone connoisseur exactly, but this is my opinion
edit x10:
They're available wicked cheap on amazon.com right now.
ref