I spent an absurd amount of $ on Shure earbuds, and the sounded great, but the cord frayed and even with electrical tape the wires crapped out and that was it. I use a $20 pair of Sony earbuds with my MP3 player, and a pair of $80 Sennheiser over-ears when using my laptop. Happy with both.
I got a pair of beats as a gift and they are awesome. They sounds great and block out outside noise. I use them every day. I thought spending that much money for headphones was ridiculous but now I'm glad I have them.