Headphones have many advantages. They dont have to worry about room interactions, they don't have to move as far to produce a full range signal so they distort less, it's cheeper to make and power a great heaphone than a great speaker system. But, IMO, speakers still win out. Just about all music was designed using speakers, most sound engineers try to replicate a live performance where the music is comming from infront of you. Also, speakers completely beat out headphones in the low frequency department. Not only is it louder, but you can feel the bass too. Soundstage is better, imaging is better, depth is better. And I don't get that weird feeling in my brain from only hearing sound in one ear and not the other.