It was only a matter of time before hip hop moguls would begin to design consumer electronic products, or at least lend their name, as they have done so successfully in almost every other sphere (i.e. TV, movies, fashion, cosmetics etc.).
From what I can tell, Beats by Dr. Dre, is a well executed venture. The branding, name, graphics, website and accompanying music are all first rate. If the physical product is of good quality it really could establish itself in the marketplace along side the likes of Bose, but targeted at a different audience. At $399, its sleek style and unique features: push to listen/mute button; microphone/headphone adapter for iPhones and hip carrying case has a very good chance at succeeding.
And, for the designer that has a well developed hip hop sensibility they could leverage this opportunity and align themselves with a rap moguls that can green light projects and bring a series of products to the market (chua ching).
Site: Beats by Monster
Time Magzine Review (2008)