I disagree, headphones are by far the best option for home or studio recording. PA is a bad idea as the speakers are rather large and can be quite heavy and akward to carry, this is annoying as they are very expensive to replace when you drop them down the stairs. Also the PA mixer nearly always has alot of confusing buttons, switches and lights.
Monitors or standard speakers should be avoided at all cost as they have no clear grips or handles and are sometimes very shiney and smooth making them incredibly difficult to carry safely!! they are also very square and are notorious for trapping my fingers underneath when I lay them onto the table! Also people have been known to bend down and catch they're eyes right on the corner and I couldnt see for a week.
Headphones on the other hand have many benefits. They can be used for making and listening to music or as fashion accessories! Even if you cant afford an iPod you can just wear them on your head and people won't know the difference, but be sure to weigh the end of the wire down in your pocket by taping it to something (I like to use a pop-tart as it looks somewhat like an iPod to the untrained eye, try a Kellogs nutri-grain bar for the 'iPod nano' look) otherwise it may fall out causing you to look cheap and uncool!
Another plus when it comes to headphones is that they are considerably lighter than monitor or PA speakers and can be carried in your pocket, hand, or even around your neck (this looks very cool) and should you drop your headphones they are unlikely to break, but if they do, you can buy replacements for as little as $10 for the cans and they even go as low as $2.99 for the 'in ear' variety although these should be avoided as they are small and no-one will see that you are wearing them.
So there you have it! Stick that up yer pipe and smoke it, you so called 'studio engineers'
You make me sick with your 'years of practical experience' and 'Music Technology Degrees'