Just go a little higher and get the TDK BA200 at about $129. It is over the ear, Y-split, flat tangle-free cable, warm+sweet, excellent isolation, excellent sound stage, airy, fairly well built, and very detailed.
There is no such thing as 'the best ever made', not even at $2500. It all depends on what your qualifications are in what you're looking for.
Etymotic ER4 are easily one of the best IEMs ever made for a flat, reference-quality sound signature and are only $200 or so.
I've had experience with both. The XBA-1 is mostly good, detailed mids, with some slight bass punch. MH1C are V-shaped with very punchy bass (but not muddy) and slightly more treble than midrange. The MH1C has vastly larger sound stage. I prefer the fit of the XBA-1.
Are you in the USA? If so, pick up a distressed packaging Etymotic HF3 from Amazon.com for under $70. It's the best single-armature (and better than most dual-armatures) headphone you'll get anywhere for under $150.
I vote for this one if your budget is around $10, even over the Monoprice. The Monoprice sound slightly better, though with less bass; but the comfort of the Philips is far superior, and they're barely visible once in your ear and you can sleep with them in. Better cable on the Philips too.