Sennheiser HD 238

Pros: Great accurate sound, comfortable fabric/leatherette over foam earcups.

Cons: Over the head style like full sized headphones, so they're not made for running

Summary: After wearing out the foam earcups on my last Sennheisers I was looking for a non-foam option. These fit the bill. They are not the cheapest Sennheisers that are made for portables but they are the best sounding and have a nice fabric and leatherette earcup that won't wear out like foam.
They accurately reproduce music at any EQ setting (unlike larger Sennheisers that need to have the bass turned down). The earcups turn down to create a flat profile for easy packing and come with a carrying bag.