Turtle Beach Ear Force X12 Gaming Headset

Pros: Quality Build
Strong Bass
Independent Volume wheels for Chat, Game and Bass Volumes
Comfortable
Quality Mic picks up even whispering
Clear Mute Indicator on/off light
Hearing yourself through headset helps you stay aware of how loud you are talking

Cons: Volume wheels and adapter block have no clip and dangle from headset
At times even with the bass turned way down, it can overpower the chat

Summary: I love this headset because I has gotten much cheaper and the sound quality is strong. In addition, you can also finally replace the terrible XBOX 360 microphones that always cut out.
My primary reason for getting this headset is because I play generally late at night and I tended to wake people up with my voice because my old standard microphone could only pick me up at a near shout. This headset can pick up my whispering, and the built in voice repeater allows you to hear yourself which helps you monitor your own volume. Teamed with the superior sound to even my 5.1 speaker setup, the headset pulls you in to the game completely. It is capable of very high volume output, so you could absolutely make every gun shot ring in your ears for days. But for those of us who enjoy the wonders of Hearing, at a reasonable level you will still feel like you are inside the best movie theater ever. I am studying to be a sound designer for film, and my passion for videogames often leaves me wanting more audio engagement. With Battlefield 3 and the MW3 the sounds are so real you will start to look around yourself.
I have also watched films with this headset on (Because it works with PC's and Macs Aswelll) and it was amazing. It is often hard to believe this headset is still considered Stereo when you are watching Band of Brothers or Apocalypse Now.