All interesting replies. This is what I was looking for. So most of you concur with my findings. I think thatMaxvla hit the nail on the head when he said:
"Many headphones can do things that take a great deal of money to do in a speaker, but at the end of the day the pinnacle still rests with the speaker."
I myself have not yet heard a headphone system that can compete with a traditional high-end speaker setup. Granted, I've listened to quite a few audio systems from $200,000 - $500,000 and have listened only to a few higher end headphone setups. It's certainly not necessary to spend that kind of money for top end performance though, but at that amount of expense you do typically get a reference class system. What's great about headphones is that for under $1,000 you get performance that might run you $15,000 in a speaker system. I also think that headphones can give you a few things that speakers can't. I think since headphones eliminate the room, they can eliminate reflection and a room sound that can smear details making headphones more immediate and resolving at times. It would be an interesting thing to try one of the headphone processors that could simulate a speakers' soundstage, or even an amp with a "crossfeed" feature since recordings aren't really designed for headphone use, making headphones sound excessively panned left and right normally.
Well, I'm still on my quest for the peak of headphone performance and I won't stop untill I find it. (or go broke tryin' lol)
Cheers, and keep the opinions comming!