Howdy - I don't own any ultrasones but I have demo'd a few pairs - I like them, but I would highly recommend trying them first, if you have the opportunity. S-Logic isn't for everyone.
Many people recommend the Audio Technica ATH m50 has a good pair of starter audiophile headphones. They come in a little under your price point at B and H (a great and very reliable retailer) for around $117. There are lots of versions of this headphone (coiled cable vs. straight, white anniversary edition, etc) but they all sound the same so if you don't care about looks go for the cheapest!
You could also consider Grads - specifically the sr60i($69 i think) or the sr80i ($99). Grados don't have the most conventional looks but they are nice headphones and there are lots of easy mods you can do. I recently got my brother, for his birthday, a new set of earpads and a replacement headband for his sr80.
The Audio Technica ATH AD700 comes in at $100 from amazon although it is an open headphone and might not be well suited to wearing it out and about.
A kind of cool option (if you are patient since shipping takes a few weeks) is to get a pair of JVC HA S500. They use a driver that is made from carbon nanotubes. I have personally ordered this headphone (you can only get it from retailers directly from japan - so check amazon.com and ebay) and am expecting delivery next week. With the shipping it comes in around $72ish and supposedly they sound great and compete well with more expensive choices.
Anyways, search around the forum - many people have asked this question before and I am sure you would find more suggestions and ideas.
and finally - "welcome to head-fi.com Sorry about your wallet!"
