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So my friend wants to get a pair of headphones and his limit is $120.
Well to be absolutely frank, thats the most vague question you could have possibly asked. Here are some things that will help us help you (your friend):
What type of music does your friend listen to?
Will your friend be using them at home, as portables, or both?
What will they be playing the headphones through? (iPod, Computer, Stereo Reciever, ....i'm assuming they dont have a dedicated headphone amp)
Do they want something "stylish"? (to most of us this is unimportant, but some do care what their music "looks like")
Most importantly, What would they do-oo-oo for a Klondike bar?
As rsgladwin85 said, you are going to have to be a bit more specific. The more we know, the better we can help you.
Alright, sorry for being so vague Let's see..
He generally listens to rock (soft/alternative/some indie, not heavy metal/screamo), but he also listens to a bit of rnb/pop/techno.
I don't think he'll be using them at home very much, it'd just be for going out so buses/subways/school.
He'll be using them through an iPod, no amp.
Style does matter to him, but he didn't say anything overly specific. He just said "black or silver, not white".
My friend watches his weight, so I don't think he'd do very much for a Klondike bar
Might want to have him take a listen to a pair of Audio Technica ATH-M50's. They're closed cans, so they'll be good for out and about listening, and don't require an amp to power them for proper listening. They can be had for right in the price range he's looking for. And they come in black with a bit of silver trim.
Is he opposed to in-ear monitors?