I picked up a few pairs of these on a whim after stumbling upon a recommendation elsewhere and finding this thread. I wasn't quite sure how to set my expectations since "xxx for a $5 headphone" makes it difficult to get a sense of sound in a more objective sense. They arrived yesterday and after listening for a day, I can say I was pleasantly surprised. They are higher quality in construction than I expected and while they aren't what I would call an "audiophile" sound, I would describe them as warm, musical, and cohesive sounding.
I don't use earbuds a lot, and my experience with them is limited to the low end of things. Compared to other earbuds I've heard, the monks sound surprisingly "open." They still suffer a bit from the "three blob" effect, but instrument separation overall is good. I hear a mid / upper bass "hump" which gives music a nice kick, but spills over and creates some congestion in the lower-mids. The mids sound pretty neutral and then a roll-off in the treble which probably makes them forgiving of poor sources. They also handle more than enough power to get unpleasantly loud without the sound breaking down anywhere. I have to compliment Lee for his overall approach with these earbuds.
These aren't going to replace any of the full sized headphones in my rotation, they aren't the best sounding earbuds I've ever heard, and they didn't change my life. However, it easy to forget you are wearing them and just listen to the music which is really impressive given the cost. At $5 plus a few bucks shipping, it's hard to argue with the "best bang for your buck" claims.