I absolutely love my Grado sr60's. While I am nowhere near some audiophiles, I do care very much about audio quality, neutral presentation, and accuracy. I added a $35 cmoy amp and for under $100 I have a pretty incredible setup. You can always do better, but it's hard for me to imagine listening to another pair that would make me want to spend twice or three times that price.
Grado =/= neutral presentation and accuracy. You can get objectively better (more neutral/accurate) sound in the same price range.
To the OP, let me try and make some more recommendations under, say, $200. Some of these I have not heard, but I can try my best to describe how they'll sound based on what I've heard (reviews, Head-Fi, etc.) and objective measurements. Sorry for any repetitiveness from previous posts:
HD558 - Haven't heard these, but I've heard the HD598 (same driver, some differences in back of enclosure). They have an overall smooth, very natural sound with a slightly warm tint. No major emphasis on any area of the sound spectrum, though they do excel at their midrange and treble response. They do roll off a bit below 50-60Hz, so some of the bass heft is lost. Overall, though, it's fairly accurate, and you'll actually gain some bass compared to the HD555. They have an excellent sound stage as well. Very well-rounded headphones overall and very highly recommend. I miss my HD598s!
Creative Aurvana Live! - These can sometimes be found for around $60. I have not heard these, but Tyll from Innerfidelity (very reputable, does a lot of objective measurements for headphones and has been in the industry for a while) claims they are some of the best cans under $100. They use the same driver as the discontinued Denon AH-D1001. Based on measurements and word of mouth, you can expect these to have a fairly even, smooth frequency response that is somewhat bass-tilted. I would guess these have a slightly recessed midrange and occasionally overemphasized treble (a bit of sparkle). I've always wanted to try these!
Denon AH-D2000 - These can sometimes be found around $200 open-box on Electronics Expo. They share many similar sound characteristics as the above headphone. Again, fairly even response with a bass-tilt. These have some amazing bass (quality). It can be slightly bloated compared to absolute neutral, but it extends deep and punches hard. They do have a slightly recessed midrange and sparkly treble. Surprisingly, they have a very large soundstage. They sound more like open headphones than closed headphones. They are SUPER comfortable and look great.
Brainwavz HM5 - These are clones of the popular FA-003 headphones mentioned on Head-Fi. Well, actually, these are all the same OEM headphone just rebadged. Anyway, these have an overall neutral, laid-back presentation. I found the bass to be a tiny bit bloated, and there were some other oddities in the sound. Still, though, very competitive in the $150 price range! While the earpads are super comfortable, the clamping force can be a bit tight. The design is simple, but they feel rock solid. Mine came with a very nice carrying bag, two sets of cables, and replacement ear pads!
Grado SR60i or SR80i - I was never a huge fan of the SR60. They have a very aggressive sound with some midrange and treble peaks that really hurt my ears. Sound is is very in-your-face and congested (funny, considering they're open headphones...). Bass extension is so-so. Honestly, I don't really think Grado headphones are very relevant anymore. They just aren't competitive in any price range, IMO. I mean, if that's what you like, so be it. I just prefer to not have my ears stabbed repeatedly.
Audio Technica ATH-M50 - Very popular. Pretty competitive "monitor" headphone under $150. They have a somewhat flat sound signature. I found them to be a bit bass heavy, dark, and slightly sibilant. Apparently they have made some changes to these over the years, and I've heard newer models are better in this regard. While some have said they're more neutral and accurate than the Denon AH-D2000 (and I could definitely see this being true), don't expect them to have a large soundstage or anything. I haven't heard these in a while, but my memory says I'd take these over the Brainwavs HM5 from a sound quality standpoint.
Audio Technica AD700 or AD900 - I've heard these have a very large soundstage, little bass, and a fairly bright presentation. These have lost a lot of popularity over the past few years, and for good reason. I think they are suited for a limited variety of music. However, I've seen some promising experiments with the earpads that bring out the bass while keeping the same sound signature. Basically, the ear pads have no seal and are extremely breathable. If you seal the edges of them (the guy used plastic wrap), it keeps the bass from escaping. Just figured I'd mention that...
You might also want to consider the Shure SRH840 or the KRK KNS 6400 or 8400. Some people rather like these, but I've not read into them enough to feel comfortable talking much about them.
I would also recommend checking out the Monoprice 8323 headphones. They're under $30 with shipping! They have a pretty bass-heavy sound signature, but I was floored by how good they sounded at that price! They're awesome as backup headphones and tons of fun to listen to, even if they're not very accurate. I dampened the cups with some Dynamat and stuffed the cups with acoustic stuffing. That made a nice, positive difference while still keeping the same sound signature overall.
I have not heard any of the Beyerdynamic headphones, but almost all of them seem to have very hot treble based on the measurements. I mean, you'll get this great looking frequency response measurement and then a huge upper midrange/treble spike or elevation. If that's your thing, that's fine. Hot, peaky upper mids and treble really irritate me. I like smooth, accurate treble, not this overemphasized crap. It's like having the sharpness turned up way too high on a TV. It might make the details pop or seem better, but it's really just creating visual artifacts.
As mentioned, websites like Innerfidelity are great. There are SO many measurements on that site along with the articles. I do find Head-Fi to be useful as well, but you have to be careful. People are extremely biased over there and tend to shun objective measurements. It's true that measurements aren't perfect, vary between setups, and don't always show exactly what we'll hear, but they're still very useful if used in combination with subjective impressions. I've heard people call all sorts of headphones "neutral" or "accurate" when they are FAR from that. But, if you show them several graphs showing otherwise, they just ignore it. You can also find measurements on Headroom and a new forum/site called Changstar. Changstar is about as objective as you can get, though, which frightens many...
You really are missing out by opting out of the modded Fostex T50RP route, though. For $75 + $50 in mods and the cost of a decent amp if needed, you'll more or less stomp all over the offerings listed above.
If you have a budget getting closer to $400, check out the HiFiMan HE-400. Planar magnetic headphones are awesome!
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