I've been looking for a new pair of earphones, mostly looking in the $60-150 range. I'm usually not one to skimp when it comes to buying quality products, so I could have been swayed to spend more if it was apparently worth it.
After spending about a week researching earphones, I've probably read every ear phone review written in the last year (okay, well, I've read a lot.). I've read reviews for Sennheiser, V-Moda, Shure, Ultimate Ears, Etymotic, all the usual suspects. I am a huge audiophile when it comes to home stereo systems, car stereo systems, whatever. However, I admittedly have never purchased a nice pair of earphones.
There is a lot of crap out there and some really biased and skewed reviews, but after all the research I could have possibly done I settled on getting the Etymotic HF2s. A $179 pair of earphones that seemed to get all-around great reviews from everyone who has used them. I hopped on Amazon yesterday and to my amazement they are selling the Etymotic HF5's for $99 (ruby color only, the cobalt and black models remain at $150). These earphones are nearly identical to the HF2s except the fact that they don't have a microphone or mobile phone controls. There is also a rebate possible to save an additional $8 and an offer to get $5 worth of free music downloads. For $91 ($86 if you feel like counting the download credits), that's a phenomenal deal for such highly rated phones.
I don't know how well they compare to the Apple phones, but CNet did mention that the new Apples don't compare to the HF2's, which are nearly identical in sound quality to the HF5s. If the microphone and audio controls are not important to you, this is definitely an option to consider in this price range as well.
Just thought I'd share my thoughts after having spent a ton of time looking for a new pair of headphones.