That sounds bad....

I've got myself a 3rd pair of Sennheiser NCH. The first ones I gave away when I upgraded to the next model (about 5 years later). Then, after the padding on the headphones gave way, I figured it was time to upgrade again (7 years down the track).
I've now got [http://en-de.sennheiser.com/pxc-450]. I can't give enough praise for these ones. They sit very comfortably over the ears, have a very clear sound (I listen to the radio at work and the NCH keep the ambient office noise to a murmur) and, the price was right.
I've used them on long distance flights (> 7 hours at a stretch) and they take away the roar of the jet turbines and I can get a good nights rest.
They are certainly not as small as the in-ear buds but they do fold up and have a very small and neat carry case.

I'm happy to pay money for something that will last me years of use and, do the job they are designed to do.
In the past, I've purchased cheaper units (not always NCH) which have broken and end up in the bin. The first two sets of headphones are still going strong 12 years on and I have no doubt that the ones I have now will do the same.
So when you apportion the cost over the number of years that they will last, it works out to be quite cheap.