I bought the headset for IM and gaming but didn't expect much from it because of the price and lack of reviews.
However, the sound quality of the headphones aren't that bad, they work well for chatting and you can hear in-game sounds very clearly. They're not too bad for listening to music either but if your picky, you may have a problem with the quality of sound.
The mic is perfect for casual chatting in MSN or Skype but doesn't work too well in xfire. For gaming purposes the mic is fine as long as you're planning on using Teamspeak and not xfire or in-game chat.
My biggest problem with the mic is that the noise cancellation is quite poor, it will block out the TV in the background and your own voice if you talk quietly to yourself but it will easily pick up 'Snappy' sounds like putting something down on the desk or pressing the spacebar. This makes it much better to use key activation rather than voice activation to unmute the mic in some applications.
Overall though it is a good quality headset for the price, you wont look like an idiot wearing it and its comfortable and out of the way.
By the way, it does have in-line controls like it says in the description...at least mine didn't -_-