Deffo go for a decent headphone rather than headset. I wouldn;t sacrifice sound for the sake of a £5 mic. I use HD595's which are fantastic both for music and gaming. Paired with a cheap mic they will better most if not all gaming 'headsets'.
This^
Son-in-law bought a pair of these from here a couple of weeks ago as he wanted a set of 7.1s and knows how much I rave about my 3 year old 595s. The 595s beat the 333s hands down in every department; gaming sounds (you don't really need to have rear positional footsteps, if you hear footsteps and ur looking forward, he's behind you

I have an old butchered desktop mic insulation taped in place on the headphones. Meh, does the job
