Home Studio Corner has an interesting write up on whether or not you should be mixing home recordings on headphones. My line of thinking has always been to make use of a combination of monitors and headphones when mixing, but relying ultimately on the monitors since headphones don't always do the best job representing all frequencies. Of course, I happen to have headphones and monitors at my disposal, which isn't always the case with everyone.
Home Studio Corner does an excellent job of weighing the pros and cons of relying on headphones for mixing. While they don't come to a definitive answer, the article is well worth a read.
Check out Home Studio Corner's Headphones: To Mix or Not to Mix here.
