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After years of manufacture, this product remains largely unchanged, and there's no reason that it should. It's an industry standard, and you'll be hard pushed to find a top-rate studio without a few pairs kicking around.
Being close-backed, these headphones present excellent isolation during recording situations, reducing spill onto microphones during tracking. The sound quality is fine for most situations. If you're looking for headphones to mix on, you can find better, but you'll be sacrificing on tracking ability as these will tend to be semi- or fully open backed (less sound isolation).
The massive downside of this product is that it is built for only a handful of situations, and these situations are all professional recording use. If you're looking for consumer audio headphones to listen to music on the go, then look elsewhere. These are built with necessity in mind, and look about as cool as grandparents with dollar-sign necklaces. They also don't "hype" the sound in the same way that popular commercial headphones will (such as ones branded after hip-hop producers), so for you bass-lovers out there, you're bang out of luck.
Pros: Take 'em.