Tough to say - I liked the K701 with classic/modern rock more than the Sennheisers, but I liked the Sennheisers more with grunge. Why? Because one is brighter and one is darker, respectively.
The Sennheiser are ultimately more forgiving and relaxed, and more listenable with a variety of genres. The K701 are more analytical, and may render some recordings fairly lifeless (albeit very technically well). Both are good choices at the end of the day. Neither are portable headphones. They neither isolate nor survive portable (ab)use. I would be cautious with the "Grado for rock" hypothesis as well - just because they're very bright doesn't make them the ideal here. They can be a lot of fun though - certainly would consider it. Would also look at the Sony MDR-SA5000. Again, neither are portable.
Based on your post that hit after I posted mine (>.<), I'd suggest the Sennheiser HD 600 or HD 650, or the Sony SA5000. I think that there should've been a "Michael Jackson Edition" SA5000 - it would've been very suitable.
They do well with other genres as well, but don't have a ton of bass extension, and were recently discontinued; so finding a set is probably going to take a bit of looking (I think HeadRoom still has them, they pop up from time to time on the FS forum, you might find them on Amazon, etc).
If we're talking in the realm of portable cans, you want something that's closed and compact, that will handle being smacked around a bit. And I'll always come back to suggesting IEMs for such use.
Also, can we not have the "mid-fi v hi-fi" discussion, yet again?
Oh, and OP - thanks for mentioning Michael Jackson. I was on the hunt for a new album to load up. Edited by obobskivich - 6/11/12 at 4:50pm