Pros: A mix of Warm/Bright sound characteristics with an addicted midrange and nice bass impact.
Cons: Comfort can be an issue, may not have enough bass for some. Colored sound can be an issue for some.
If you want an introduction to the Grado sound look no further to the SR225i. The special Grado sound is liked by many but also hated by many as well. The best way for me to explain the Grado sound that it has characteristics of Warm sound with a nice touch of Brightness. It is bright but not to the point of hurting your ears. Because of this you will not find any of the Grado headphones to be netural sounding at all (colored sound). I like my stuff colored (I like tubes as well, eh) so this is not an issue, but I will say it because that's the fact about any Grado.
The design for the most part is good but it is mostly plastic (some of the lettering is coming off) and it does take a very long time for the headphones to get comfortable. I think the only major con of these headphones is comfort. After a little awhile the headphones fit on my head just fine but it just took too long for that to happen.
Some people also say that the lower end Grados doesn't have enough bass. For me the SR225i does a great job with bass (and great bass impact I must add).
Overall for $200 you really can't go around with the Grados. The midrange really shines on these headphones.
Note as of 06/09/10: I should had add this in the review but an amp makes a big difference with the Grado headphones (or any headphone period). Invest in a good one because a good amp will add in the suppose "missing bass" to the Grados.