Yes it is a legitmate deal. I own the Crossfade LPs and also gave a pair of them for a gift about two months ago. I paid $160 for the Phantom Chrome color and $140 for the White Pearl color on Amazon (prices normally vary from about $100 to $180 based on color choice). So it is a significant discount.
As far as the headphones go, the style, durability, portability, and accessories are about as top notch as it goes and that's the only reason I don't regret buying the headphones. However, the sound qulaity is "V-shaped" with overpowering bass, so much as it can sound muffled and definitely drown out the mids and vocals. I typically only use these headphones for travel or sometimes for listening to techno or rap music for these reasons. They do sound decent when I use an equalizer and turn the bass down but that sometimes is a non-option and I almost always decide to listen to my other, more expensive and refined headphones unless I'm traveling. The person I gave them to as a gift absolutely loves them because she is a non-audiophile, who mainly listens to house music, who didn't own another set of a nice cans, and is impressed with how stylish they look.
Overall, I feel like they are similar to the Dr. Dre Beats (which I don't own but have listened to friends' sets many times) but with far superior build-quality and a much better price. Probably worth the $75 price tag just on style points alone but aren't going to please someone who really wants a good pair of headphones to listen to mid-range driven music.