I've been very happy with my AKG 240s for a number of years. They were on sale for $80 about the time the 240 Mk II came out but they seem to still market and sell both versions. They have a fairly open sound, almost remotely speaker-like. They are a semi-closed design so others will have some idea of what you are listening to but in my experience, no closed design headphones sound open at all. They present as if there each ear has a loudspeaker four inches away from your ears. These sound more like the speakers are about 6 or 8 feet from your ears.
The bass is sort of odd... there's plenty of extension, but they are not as bass heavy as most headphones which suits me just fine.
I'm not an expert, but among the sub $200 designs I've heard (ATH-M50, Senn HD280 Pro, Sony MDRV6, Beyer DT770 and 880) I'd definitely take the 240s over anything else for music with the M50s in second place and the Sonys in last. For home theater, I'd lean more towards the M50s as exciting explosions and whatnot are more exciting. The AKG 44s and 77s aren't terrible by any stretch and I have a pair of Senn HD201s that are a little too closed sounding for me, but they are easily worth $20-$25.
Edit: For something in the extreme budget region, several folks are quite taken with the Monoprice 8323 for about $22. Probably not quite the same build quality as the others I mentioned, but at 1/5 to 1/8 the cost, possibly worth it if you are gentle on your gear. The biggest complaint seems to be the headband is solid plastic without any sort of soft material. If you can be creative and come up with a workaround for that, they might be the best deal going.