How are the Beats are noise-canceling? They make nothing but noise!
In all seriousness, in the audiophile world, can anyone actually say with a straight face that 90% (heck, 99%) of headphones actually cost as much as they should sound? Especially given how subjective audio quality & enjoyability are?
To some, the Beats are the best pair of headphones they've ever heard and are happy spending $300 on it. If they don't know any better, why question their judgment? They ARE the best! For THEM!
To some, Ultrasone's Edition 8 sounds like garbage, whereas to others, they are the best $1500 spent.
Seriously, it's time for everyone to accept that many people are biased when it comes to a hobby like this--or any other hobby, for that matter, and that the wide range of tastes in terms of music reproduction is the reason why we have such an amazing array of choices out there right now--it allows people to buy multiple headphones to suit their moods, time of day, etc. and allows others to try out different headphones to find the style THEY like the most--there is no objective definition of "good" or "best".
To me, it's ridiculous that the Beats get so much hate for being overpriced while Grado gets a pass on their PS1000. But again, that's my opinion, and for some it is well worth the $1700 spent.