That headphone has been around for a while; I always forget it's name though. But it was announced some time ago - I don't think it's very popular (I've never seen one on the street or mentioned here on Head-Fi aside from in passing; I saw them in BB finally, and they are...highly unimpressive). I want to say they cost around $200 though, so if you wanted to try one, it's probably the least expensive. No idea about the special coloring; there's a lot of celebrity types that seem to have customized Beats headphones as part of some promotional deal (and Colorware may be making them, but they are likely one-offs).
Anyways, I would say that anything branded "Beats" is probably not going to indicate true hi-fi; this isn't an elitist comment though. Think about it for a moment - Monster makes its own line of headphones, that don't get slaughtered in reviews, and most of the rest of their products are equally not as universally hated. However the other Beats endorsed products from HP and HTC are equally poorly regarded. So it strikes me as kind of a branding badge to sell products to 13 year old boys - not as something like THX or what-have-you that tries to establish some (artificial) hi-fi bar. At least that's my understanding/view of the entire affair. Perhaps the non-Monster products will be better, but I'm doubting it; they'd have to team up with an OEM like Fostex or Edifier to turn out something really stellar, and I'm guessing they're not interested in that because it means lower margins. I don't think these people care about delivering a top-tier product (it isn't like say, Ultrasone, who actually puts time and effort into building what they consider to be the best (we can have a discussion about how weird their perception of reality is another time), and ends up with fairly expensive headphones as a result).
