Pros: Hard hitting "studio" bass, easily EQ adjustable, sound for the money is great
Cons: MUST be EQ'd to sound good, funky sound signature
You must equalize these headphones to make them sound anywhere near good. They can sound great if so. But out of the standard music apps on your phone or iPod, don't count on these blowing you away by any means. However, use an app like EQu, and these come alive. Like, very alive. That reason alone saves these headphones from being anything but a fashion statement.
Also, on the topic of sound quality and aesthetics; if you don't like the blue color theme that the headphones possess, invest in an aftermarket cable. There are a few eBay sellers with the "Y" cable design that come in various colors. I purchased a stealth black Kevlar over a pure silver weave cable ($25 on eBay) and it transformed the look of these dramatically. It also cleared up the sound by quite a bit, or at least quite a bit to my ears.
So overall... If you can dig the way these look and have a music equalizer easily available, these can be worth the money. They're definitely a novelty item. If you can find a pair under $65-$70, they'll definitely be worth the buy.
Edit: here is my best EQ using Denons app: