My complaints:
1) BUILD QUALITY. It's unacceptable. The headphones are plastic-ey and don't have a solid feel to them at all, kind of like handling fine china every time I pick them up and put them on. The earcups rotate way too freely, with almost no resistance. If I tilt my headphones while in the air, the heavier side of the earcup with rotate towards the side tipping downward. The headband is a cheesy piece of vinyl (cheap vinyl, not even decent stuff) over a metal band. On the plus side, the cord and mini jack are very high quality, as are the drivers.
2) That tapping sound the wire makes when it moves around in the hole that leads into the earpiece, causing an annoying tap tap/thunk thunk microphonic sound in the earpiece that's quite loud. I called Grado and he said that the reason they don't glue the wires right to the earpiece was because the microphonics were terrible when they did that. Still, I can't imagine it would be too hard to figure out a way to remedy this. I tried rubber bands and it didn't work, so I guess superglue would be the only thing I can think of left. I don't want to do that, obviously, because it would be permanent and might yield the microphonics John spoke of.
3) Pads. I wish Grado would ship some different types of pads with the headphones, like flats, bowls, comfies, modded Senns, etc. Then the user could determine which they liked best and kept them.
Things I CAN'T complain about:
1) Sound. All is forgiven upon listening to these phones. They truly are wonderful sounding headphones for the money. Their detail and resolution amazes me, as does the soundstage (positioning is the main part of it). Bass is amazing, it's nice and tight in rock recordings when you need it to be, but it has very nice resonance on Classical recordings with bass drums, double basses and such.
2) Looks. I wouldn't care if these things were yellow and green with red stripes and were terribly huge, I'd still love them for the sound they put out. The design is built solely for sound, and I have no problem with it (it shows it).
3) Comfort. I have absolutely no problem with bowl pads, as they are circumaural on me and are actually quite comfortable. The only discomfort came from pressure against my head, easily remedied by bending the headand.
My $0.02