On my recent trip to Berlin I had the chance to try out the new Bowers and Wilkens P5 headphones. Besides being small and even with glasses a comfortable wear, the sound quality is very good.
Definitely bigger than the in-ear-things, the P5 still folds down to a pretty small pack and can be stowed away in a decent sack provided with them.
Should you be looking for new headphones, you might want to give them a try. Sound quality on the iPhone is inderior because of the cheap D/A unit, but on an iPod remarkably well, if you have recorded your music in high quality MP3 or Apple Lossless format.
The headphones have a builöt in microphone in the cable so you can use them for hands free phone calls as well.
This excellent Photo was taken by fortytwenty