The answer is simply, yes !! You can use it as a headset, but without the annoying piece on your ear.
It has four times the resolution, twice the frame-rate and double the sensitivity of its EyeToy predecessor, as well as the all important microphone that can focus on certain audio sources (like you) - blocking out other "exterior" noises.
Dr. Marks, (creater of the eyetoy) who has made Playstation eye, has this to stay about the microphone.
"The hands-free voice input this enables may be the single most important feature of Playstation Eye," "Previously, the only way to get clean voice data was using a headset worn by the player; now, without wearing a headset, players will be able to talk freely."
( is it me or does the playstation eye look like it has an afro) lol!!!!