We dig on the cloth-covered cable, as it will hold up more in the long run. Most sets have wires that are coated in plastic or rubber, which tends to crack over time. The one downside: more noise from rubbing across the front of your shirt.
Given the price point, we were plenty impressed with the overall audio quality. The bass isn't as tight as what you get from much higher-end headphones, but you do get some low-end as well as a fair amount of detail and clarity