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Also, be wary of people who seem to go out of their way to cast doubt on the M50 in multiple threads. *whistles*
I would suggest possibly looking into the Koss ProDJ100. You can get it from Best Buy. Really good can in pretty much every regard, and a bit less expensive than the others mentioned.
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Be careful, there are tons and tons of beginners on here that have gotten the M50's and will just recommend them to everyone even if they haven't heard any other pair of headphones. In my opinion, the M50's do not have enough bass. I'm guessing you want bass because you are considering the beats so that's why I mention it. The 580's are said to have a little more bass. And to the answer the question of your thread, no. The sound quality is not not worth $300. The cheap plastic is definitely not worth $300. Lets say you could get the studios for around $100 though, I might have to do that. Yes, they are overpriced, but they have some nice bass.
Whodare callin' my name?
Seriously, slapshot has a point in that, since the M50 is the first headphone a lot of Head-Fi'ers get, if it's also their only reference they might recommend it a little overzealously. I had the opposite reaction, BTW--too thick, bassy, and slow. But I still think they have their good points, one of which was that I found them unfatiguing (no thing of small importance). They're also nicely detailed, extended, and have excellent imaging. On the one hand I can see why they're so popular, but on the other I don't want new members to get the idea that they're the be-all, end all headphone. In my post and my quote are two completely opposite impressions, which should tell the OP everything he needs to know about consensus on Head-Fi.