Fair enough. Speaking of looks, I went into my local supermarket earlier, and this kid had full size headphones on. Gotta say, he looked a bit of a tool. Portable did not spring to mind when I saw those.
I can't recommend any from experience. Sennheiser HD228 might be worth considering. About £35 on a headphone site I looked at. Closed, and has reasonable bass according to some comments on Head-fi. They look pretty good imo. But they are not easy to drive apparently, so that could be a minus depending on whether or not the iPod Touch has any problems driving them.
I don't know if there is a great choice of cupped closed over ear phones, that sound great, have plenty of bass, look snazzy for the for fashion conscious and cost £35.
The Skullcandy phones do all that, except the sounding great part. There are much better sounding phones available for £35, but they might not be what the OP is looking for in other areas, styling etc.
There are also the HD218, I think they are closed. Might be worth having a look at them.