I'm an admitted tech addict (hello, my name is.... hehe)
This thread seems to be focusing on the higher end or pricier models of earbuds, so just putting an option out there for the travelers on a tighter budget.
I although I have shelled out the coin for both Bose & Sony over the head noise reduction headphones, I haven't spent a lot of money on earbuds yet, but I haven't really had a motivation to... primarily because I've had such a great experience with Koss's "The Plug" or "SparkPlug" ($10-$20) earbuds.
The Plug is an noise "isolating" earbud, rather than active noise "reduction", but I really like them anyway. They come with a few sizes of the squishy earbuds that expand in your ear and are very comfortable to wear for long periods. (for whatever reason, the non-squishy type of earbuds tend to make my ears sore)
I picked them up at the last minute at RadioShack one day as I ran to the airport and couldn't find my Sony's. Didn't want to spend much money as I knew I'd locate my "good ones" when I got home again. I grabbed these and was so happy with them, that they never leave my travel bag now.
I find that these are always what I reach for when I am listening to my mp3 player and trying to sleep on my transatlantic flights... the larger headphones just get in the way of me being comfortable. They do a remarkable job at blocking out the snoring seatmate or the chatty kids in the seats behind me.