I was doing some Craigslist scanning a few weeks back and saw a pair of AKG K340 headphones for sale for a reasonable price. I had heard of them before, did a quick review search, and became interested quickly.
I contacted the seller, did some pre-meeting price negotiations, and met up with them. It turns out it was a couple of young ladies and the headphones were their grandfather's. They guessed they were 30 years old. They are in remarkably good shape in my estimation. Grandpa must not have used them much. The ear pads are still nice. The headband is in great shape. There is just a bit of dust in the hard to clean out crevices.
I tested them with my little Hiby R3 and completely maxed out the volume to get them to a listenable volume.
@joelpearce had a nice review of them and I took his idea of testing them with Massive Attack's Angel because I know that whole album about as well as anything in my collection, albeit a 320 kb .mp3 version. I have to admit I was pleasantly surprised by how good they sounded with a lossy file and a woefully undperpowered source.
Side note: neither of the 2 young ladies had anything to test the headphones with because they didn't have anything that could handle a 1/4" plug. Before we parted they asked to try them out. I got a couple of nods as they listened.
They sound quite nice on modern gear. I have hooked them up to a Schiit Lyr 3. With adequate power they do open up. The highs and mids are nice, accurate (to me), and quick. The low end is very full. I would describe it as being a bit loose, but it's only when I compare them to some modern planar dynamic headphones.
The fit is a bit looser than I'm used to. The metal spring used to hold the headphones up is a bit looser than I would like it to be. The clamping pressure is fine though. Overall a comfortable pair of headphones.