When I first saw Beats, I thought it was another toy (I have limited exposure to ads, as I do not have a cable (or any antenna), I read newspappers monthly at best, and buy only a few magazines a year). But I should not pass judgement on their sound, as my experience is limited to big electronics chains headphone demo racks (nevertheless I did noteice their BASS).
speaking of portables in this price bracket, I have beyerdynamic DT 1350 and Sennheiser HD 25 Adidas.
As for beyer T50P, some reviews were raving; however, I have not heard them, -- I was put off by the critical comments (there are quite a few).
DT 1350 get almost nothing but prise and, may I add, right fully so! HD 25-1 II is no slouch, either -- and in Adidas guise it is at least as stylish as Beats. But probably that's only me.
I have tried both in various situations. For a gym I strongly prefer HD 25, as they are lighter, cheaper and go nicely with my bright blue top. I won't be getting a grey top so as not to be tempted to use DT 1350 at a gym, -- they are a bit heavier, do not stay on your ears as well as HD 25 do, and they costed me almost 70% more than HD 25.
I prefer DT 1350 for trips and commute for their handy travel case and overall sound quality across most types of music, - but for use in a gym, HD 25 are better due to their sheer PRaT.