At the price point I think they are OK, but they are definitely hyped to hell on these forums, especially by new users who take their first leap into head-fi without an amp or dac, and stopping at the m50's.
I have heard many mid-fi headphones, and the m50 just sits as another choice that attracts the "I'm not a basshead, BUT I WANT BASS" crowd of new comers. There has been so much overemphasis on what an audiophile owns. For example a lot of newcomers will buy the m50 as their first headphone. Pleased with their experience they will recommend it to other, but not just a recommendation like: "this sounds good". It becomes a recommendation like: "THE BEST HEADPHONE AT THIS PRICE POINT." I find that blatant certainty rampant among this crowd.
Personally compared to the k240, grado sr60i in a lower or same price point, they fall short in both mids and highs. I think they have great bass, but there is no resolution and the mids and highs are quiet grainy (just listen to female vocals to hear it)
Overall, I think there are better choices, feel free to disagree, but take a look at all the m50 threads and I think you will notice the same kind of trend that I notice.