Alright, here's my list of the top 5 most overrated headphones in my opinion (not in order)....
1. Sennheiser HD 280 PRO: These phones are so hyped it's insane. I have no clue why or in what universe these should be hyped. People think these are the headphones to buy for $100, when there are so many more options which sound much much better than these. They have a very hollow sound with an ultra odd midrange, very dull highs and cloudy, foggy lows.
2. Audio Technica ATH M50: MUCH better than the 280 PRO, but still is very overrated in the audiophile community (even the consumer community now!). They do sound pretty decent, but people keep recommending them and start blurting out that they are "the best of the best in the $200 price bracket" or "they can beat headphones at three times their price!", and even "They are basshead headphones!". First off, they are not basshead headphones. Secondly, I think that other headphones in its own price bracket can do better, and thirdly, they cannot compete with headphones even in the $200 price bracket. Overhyped headphone for sure.
3. Audio Technica ATH AD700: Why do people call these the gaming headphones?? I do not see how these are the gaming in any way possible. The soundstage and the positioning is alright, but there are headphones like the Sennheiser HD518 and the Fostex T50RP (modded) which IMO are better gaming headphones than the AD700, and are far less hyped. Again, I don't understand the hype.
4. Koss DJ100: MANY people are going to kill me for saying this, but I do find the DJ100 to be very overrated as well. Maybe not as much as the M50, but still is very hyped. People praise this headphone so much, but I honestly did not find anything special about them. And then people start talking about how amping them makes a night and day difference... Come on guys, how can amping a Koss DJ100, which is 38 ohms and 99 db sensitivity, form any major changes soundwise. I heard it amped and unamped and there is only a slight difference. I find the sound to be sorta muddy overall with a non-engaging bass response. People say it's clear as crystal, but just don't hear that.
5. Brainwavz HM5/Fischer FA003: These headphones have been getting a lot of praise in the head-fi community, as being the neutral king for $100, but honestly it's not neutral. It's not flat. It does have emphasized midbass and a huge treble rolloff, but pretty linear mids. I think the Shure SRH440 is a much more neutral headphone than the HM5. Even the HD 280 PRO, which is still extremely overrated, is more neutral. Do the HM5s sound nice? Yes, they definitely do. But when people come out of the blue saying "the HM5/FA003 are the most neutral headphones in the $100 range!" or "The HM5/FA003 are as neutral as the HD600!", this is just not right, and they are hyping this headphone without the correct facts. Look at frequency graphs and listen critically with them.