5.1 headsets are a gimmick.
Assuming you have a sound card or good on board, imo, you should spend some cash and get audiotechnica AD700 ($100) or beyerdynamic DT770 Pro ($200) with a zalman clipon mic ($10).You can find these at newegg and guitar center.
I have had my DT770 s for 5 years, use them every day and they still are like new. You have to wear and listen to them to appreciate the sound.
I will never buy $50 headsets again, they break too easily and the sound does not even compare the studio quality monitors I mentioned above.
It would be really helpfull if you told us your budget, as "ridiculously priced" is very subjective and varies from person to person.
http://www.newegg.com/Product/Product.aspx?Item=N82E16826502007
This is a pretty good headset ( true 5.1 surround ) and has lots of possitive reviews ( lot's of eGO members have this headset and are loving it ).
Price is 49,99 $ and it has a flexible mic, I think it's perfect for your needs.
There are other quality products out there, but as I mentioned above, if you tell us how much are you willing to spend for it, it would be much easier for us to reccomend you a good headset.

I need a headset too... but can't spend more than $30 =(
that kind of limits the quality
I hear the turtle beach headset X-52 works wonders, and it's not over 100. Try that out.