However, if you want a pair for under $40, I would recommend the RP-HTX7 from Panasonic. I purchased a pair for $23 while on holidays in NYC, since for some reason it's $80 in Australia. The sound quality is quite a big step up from the standard issue Apple earphones that come with an iPod - more solid bass and clearer in general. Comfort-wise pretty acceptable for their price, it doesn't get sore unless you're wearing for over 3 hours. The band is adjustable of course. Looks snazzy and hip enough for the indie kids.
[Image: http://www.wired.com/images_blogs/photos/uncategorized/2008/01/09/p1000143.jpg]
Sadly I broke mine from doing something kinda stupid (it's fairly solid to be chucked into a backpack and stuff no worries). Might rebuy if I dont buy M50s