Hi there, I'm a new poster here, so please be kind to me.
As for the question, I believe it was specified as what would be recommended within a similar price range.
This may be my option, but I hold a 'similar price range' tag as within $10 - $15 difference, and mostly geared to higher cost than lower.
That being said, you may actually get lucky once in a while. If you order online, like Amazon for instance, then you'd get relatively better prices than your
average consumer electronic stores (like Bestbuy for instance, or Futureshop or LondonDrugs if you live in Canada.)
Now, as for the question. To be honest, it's quite hard to say what would match the XBR-500 at a similar price range. If you can get the Shure-SRH240 for $10 - $15 more, then by all means, I'd recommend them. In fact, I went through at least 6 pairs of headphones in the last 2 months in search for the ideal pair (for me) and somehow I keep coming back to the XBR500's.
In fact, one of the pairs I tried were the SRH240M+ which are of the same exact specs and acoustic quality of the SRH240, with only few differences of a different wiring/cable system as they come
with built in audio controls and a mic for calls; obviously devised for portability with ipod/iphone/ipad and what not. They sound very good, good sound stage, clear mids and high. The bass response is of course opinion based as to what one will consider 'good bass' as. They obviously can't match the 500's in that department, but I honestly found them just right with that department. Of course if you listen to the 500's for a few days and then try to go back after your ear and brain is accustomed to that sound, you'd feel as if you've been spoiled and can't go back. It's almost addictive to an extent. Kind of like eating average quality food, then introduced to high end food delicacies for a few days and then brought back... You'd feel slightly cheated in way.. If that makes sense.
I know some may recommend A few different Sennheiser models like the 428, 408, 202 .. and some maybe within the price range, but be aware of a few things when it comes to Sennheiser.
I'm not bashing any of them since Senns make quality products, however, they're budget models that sell in stores (not online) at $50 - $150 range will not satisfy you. They didn't satisfy me, so I'm going with that reference. First off, you should know that most senns models produce flat response through their drives. Not a bad thing if you like to hear your music as it was recorded. However, that aspect takes away any character the music you listen to may carry through your headphones. Unless, you're a sound producer or a DJ, I don't recommend such headphones for personal or portable use. Further, if you are, you would know that you'd have to spend at least $200 (store price) to get a decent pair in order to reproduce an accurate sound.
Another issue I found with the higher brand models like Shure and Sennheiser, is that in their entry level models, the wires/cables are too thin, whether they are 10 feet long or 4 feet long, single sided or Y shaped. I personally had to return 2 Seenheiser models (202, 418) and the Shure240M+ because of that reason. The wiring are simply far too flimsy, and anyone who had them or own a pair knows what I am talking about. They literally feel as if they can snap by a single accidental snag. And let's face it, snags do happen, whether you have a $20 pair or a $500 Beat Pro Detox... and they all break at one point. Yes, you can purchase the product protection plan for extra $15 - $20, but then you're going over the said budget... so it's a hassle you don't want. I noticed that with those higher end brands, once you go over the $150 mark, the sound and built quality increases dramatically, while with all XBR Sony models (including the Marqui model), they all come with the 4-5 long sturdy tough flat cable that is twist and tangle free. Which makes you wonder, 'why can't one company just get it right?' Because with one, you get really good and sturdy built that would probably last for years, yet the sound quality is somewhat of a let down. Good example is the Philips Oneill Stretch. They're also within the budget, built like a tank and designed with sports activity (like snowboarding, skying and Skateboarding) in mind. Including a stress detachable cable like the Beats Pro have. A nice touch right? But then again, sound quality is of a mixed bag. Clear highs and mids, mediocre bass levels, and slightly lower in volume. So what does it mean? You have to nearly crank your portable device to get the potential sound?
Another example is the Sennheiser HD205-II. While sounding decent (after proper burn-in, 20-25 hours of use, or under white/pink/static noise), they have a fairly long cable which according to a few reviews actually cracks under the stress of being binded and thus, rendering the headphones useless. Further, super tight fit with cuffs which make you wonder if these are over the ear or on-ear. Because they're neither here and not there... So after an hour of use, your ears are burning and itching for relief.
So, with all that said, I would suggest trying quite a few pairs since everyone's taste is different. I mean, I didn't like the HD202-II, but you may. Or I may consider the Shure240's wire design too falty to bear with, but you may find it decent with extra care. Same goes for the Philips. So definitely Try the Shure SRH240, Pioneer SE-M390, which offer pretty good sound (although a bit sibilant) and promise to have good base via ported head-cups. They have a long cable as-well, so binding may be required. But it's a tough cable and is one sided. One downfall is that they have a similar stretch design, so no adjustments, rather self adjusting. I found them sliding off a bit, but this may only be me. Try the Sony MDRV500 DJ style. Should be within the price range. They are more on-ear headphones, one sided coiled cable. They were on show at Bestbuy next to Sennheiser 428 and a pair of Skullcandy, and the Sony's beat them by 4 to1 sound. They may lack some bass, but if you can live past that, then they can satisfy you.
By the way, I'd stay away from the JVC XX explosive bass headphones. 50mm drives, look nice and strong, but other than bass, everything else is mud.
But beyond all those, I don't know much more. Some people may recommend Beyerdynamics, but I found all those brands like Audio Technica to be more of Studio oriented use than personal use. So if that's your game, then by all means. But among the rest I highly recommend the XB500's. They're comfortable, very padded, easy to adjust and come with a nice and tough cable, and in addition, a nice pouch for storage or carry. As for sound, I haven't heard the 700's series or the Japan and import rumored 1000 model that's supposed to blow your head off. But for the 500's, for the price, it's really hard to beat. I'd honestly say that on bass terms, they do beat any Dre's and Mosnter's incarnation of any headphones. The pros' are slightly brighter, while the closest in soundwise, are the solos (in my opinion). Though I like the 500's better. The good thing is that they respond well to EQ. So depends on your player, but if you have any new ipod, iphone or anything else that can eq beyond the flat response, you can use it. In fact, any Apple user out there can buy the 99c EQu app which will make wonders for sound and bring your headphones to new highs. Of course, that could be said about many headphones, but from what I heard, for this price range, the 500's promise the highest potential. After all, they have 40mm drives with 4hz to 24Khz Frequency response. Which means, that with the right EQ, they will be as bright as you want, as bassy as you need, or mid or vocal oriented as you wish while able to reproduce high levels of sibilinace to your liking. I really can't say this about other headphones at this price range. And I do stress, this price range.
I hope this helps.
Good luck and happy listening.
I own the HD205 and they are mediocre at best. 
