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Haven't heard the PS1000 or PS-1 but I've heard near every other Grado can under the tip top and still stand by another headphone in every price range being a better choice.
The PS1000 is nearly an LCD 3 at MSRP. It would also rip apart poorly recorded hip hop. YMMV I guess.
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While they were the best Grados I heard with hip hop the biggest issue was with it tearing it apart recording wise. Like good ol' Public Enemy records.
By tearing it apart, you mean the HF2 and PS500 will be too revealing of poorly recorded material? Personally I don't find this sort of thing to be a problem in and of itself (hell, I listen to YouTube recordings with an SR-009) unless the overall tonal balance of the headphones in question are tipped in the treble region too much or are too sibilant, in which case it becomes physically painful. I find the HF2 and PS500 to be fairly laid back compared to other Grados, with a slight warmth and bottom emphasis that leaves them forgiving enough for poor recordings to be a non-issue. They'll reveal imperfections more than, say, a B&W P5, but on average I'd say there are plenty of other more analytic choices out there. Of course milage varies as you say.
Value for money is always going to be one of those slippery slopes in head-fi discussion, however setting such considerations aside, in terms of whether there
are Grados which sound good with hip hop, the answer I feel compelled to give is yes. I think the HF2 and PS500 are actually very
good choices for such an application, and it's an opinion I feel obliged to voice especially given the "Grados have no bass" myth that gets circulated a lot 'round these parts. Also worth a consideration is the Fidelio L1, and the HiFiMan HE-400 is an even better choice in my opinion.
The PS1000 is definitely not the first thing that comes to mind when I think of good values in this hobby. But then neither is the LCD-3. Given my own personal preferences, if I had $2k to spend I'd take a TH900 over either in a heartbeat, or a used HE60 or SR-007. Still, that doesn't detract from the fact that the PS1000 and PS-1 sound good to my ears with a lot of beat-oriented music. : P