Yes. They are good headphones. However, with a bit of elbow grease, they become great headphones. I went through the process of performing a second set of modifications on a pair that I've owned for over a year and I documented the process with pictures. I hope to get a thread started on my mod process so others may benefit from it. However, before I create such a thread, I'll search to ensure another thread isn't already in place. But, I'll assure you, my modification has gone further than any other mod of the HD-428s in the past.
Realizing that sound and how it's interpreted is very subjective, but for me, I can state that my current HD-428s can out-gun a modded Fostex T50RP when it comes to "fun" factored in. The bass is ever-present and solid. The mids are there and the upper frequencies have detail, but are not overbearing in any way. I'm quite sure that Sennheiser never imagined that the HD-428s could have so much potential because if most owners were to take enough time to properly mod them, it would cannibalize some of the sales of their headphones further up the food chain.
A quick shot of my "finished" product:
Sorry to have taken this thread somewhat off-topic, but I thought it was relevant to anyone who is considering purchasing these under-$30 "wonders" by Sennheiser.