Incredible? Are you kidding? So, it's merely overpriced instead of extremely overpriced. All of Grado's headphones except the SR-60 (heard them all) are extremely overpriced compared to headphones with similar sound quality. For example the RS-1 at $700 is not quite as good as the HD-600 and K-701 at $300. OK, I've never heard the PS500, but how can it be anything except a rehash of their existing drivers and housings? IMO Grado is one of the most horribly managed companies I've ever seen. They have far too many products, none of which (except the SR-60) is better than it's competitors, all much more expensive than the competition, absolutely zero innovation, horrible quality, and the most dirt-cheap production facilities. And they are twice as expensive in Europe. I cannot imagine why anybody buys a new Grado headphone. Really - anybody who does, please tell me why. It seems as if John Grado is constantly trying to see just how gullible headphone buyers are, but they never get it.
edit - I actually like some Grado headphones a lot. I've owned 3 of them. Just think every decision the Grado company makes is an insult to its customers, and they do absolutely nothing to advance headphone technology. Their good headphones were all made several years ago. Now they are like Taco Bell - put together the same ingredients in a slightly different way and call it a new menu item.