It's a pretty good phone. Very resolving, very entertaining, hard to fault sound. You will need to choose your sources wisely though, as it can get quite bright if not paired well.
Also, if you have never heard a Grado before, I recommend start with a lower end Grado, to familiarize yourself with the Grado house sound.
Some other great headphones in that price bracket are: Sennheiser HD 600 and AKG 701. They are all great headphones, every penny worth their price.