I don't know know about the hype. But for me they are definitely not worth the cost. My hearing is a little sensitive in the lower frequencies and to me they sound wayyy too bassy. And a little tinny in the mid frequencies. For me they're not the right hardware, and not definitely not worth it at the price.
I still have my $99 Sennheiser over ear headphones I bought in 2001 that are still rocking and have certainly paid for themselves by now. Amazing sound - good frequency response, bass, low distortion at high volume. But not exactly stuff in your pocket material. So they stay home. Love Sennheiser.
For my portable needs, I use my $50 Klipsch S3(?). They're great. High impedance, low distortion, v responsive. good driver matching. And they're sound isolating.
In fact, if you're buying head/earphones I'd recommend running
this hearing sensitivity test on yourself just so that you have some idea of your own hearing sensitivities. And to test your 'phones for dynamic range, spectral flatness, stereo imaging, driver matching etc.,
go to this page.