The product is called Here, and you can learn about it at KickStarter…

$249 ear buds, so not too different to what people are paying just to listen to music with.

Using the computational power of your smart phone, you can:

• turn up/down the volume of the world around you
• equalize the music at a live concert to suit you – such as turning down the bass
• turn down specific frequencies, like the rumble of a jet plane or train – or a crying baby?

More at Wired.