What are some good headphones for the Ipod that won’t cost me an arm and a leg?

I was at the Virgin Megastore and they had these Noise cancelling JVC brand headphones for 40 dollars. The thing is I can’t seem to find any product review websites that can help me out. I need to know what are some good headphones for the iPod ,specifically, ones that cancel outside noise.

Shure E5 Sound Isolating Earphones $500

http://www.guitarcenter.com/shop/product/buy_shure_e5_sound_isolating_earphones?full_sku=270307

They offer superb sound quality at a very low cost.

Noise Cancelling Shootout!