Pros: Relatively cheap, comfortable pads.
Cons: Strong dip in the midrange frequencies, the SR80i sounds better for less.
I've own/owned every single pair of Grados except the PS1000's. In general, they're great. But the only ones to disappoint are the iGrados (which were a joke), and the SR125.
If you look at the freq. graph on headroom, there is a strong dip in the midrange near the 5KHz range, compared to, say, the SR80i or the SR225i. What the... Grado?
Midrange consequently ain't too great. I'm not saying these are horrible, just not the typical Grado sound you'd expect. And you can spend more (SR225i) or less (SR80i) money and get a better phone either way.
I'd personally recommend the extra $50 to upgrade to the SR225i's, which, imo, are the best sound quality to price ratio for any grado.