I haven't read the last few posts, but from my perspective, the 940's are definitely worth the price as a closed headphone. I was originally going to purchase a K701 as my first major headphone purchase until I read that they required a decent amp and are open-back.
For a closed-back headphone, the 940's are definitely an excellent headphone from my experience. They are portable, fairly rugged, extremely comfortable (for me), able to fold-up and lie flat, have removable cables and earpads (with an extra set of both in the package), comes with a 6.35mm adapter, and backed with a 2 year warranty. Those in itself are great features for a user like me who stays at school for most of the day.
As for the sound, I like it. I don't mind the quiet bass on my iPod Video, though when amped, the 940's really do sound much better. The mids and the highs really shine through and I find them very fun to listen to, whether it's finger-tapping to Ottmar Liebert's guitar, casually listening to Fourplay's smooth jazz, or studying with Gabriela Montero's piano. I don't know why, but I seem to like headphones with lean bass. Maybe it lets me appreciate the other sounds in my music? Maybe it's because I've been around with too much mid-bass that I've grown to dislike it? I certainly learned to appreciate the the thunder-like 'rumble' of my music tracks over the clubbing 'thump.'
For the more serious listener, or someone who wants a more balanced-sounding headphone, there may be better options out there, but in my case, I really do enjoy the 940's for what they are. I did get to try an HD650 at a local meet, and they had a tad bit too much mid-bass for my liking.....go figure.
Now my only complaint is the swiveling earcups...they are really squeaky, and yes I know they're covered via the warranty...but I feel that I will miss them far too much in a week's worth of time.

Just throwing in my $0.02 there.