What sold me on this headset was the "Noise Cancelling" feature because I needed it for live commentary & podcasts, but be warned that the newer 655's have a poor noise reduction DSP.
All those great reviews and videos I've watched are from the older model, which has red inlays and mic boom tip and used C-Media's highly praised CM108AH chip.
Newer models (like this) come with blue inlays, a black boom tip, and the cheaper Conexant CX20562-15Z "SPoC".
The Mic: picks up the sqeaks of my chair, the clicks of my mouse and the sound of the TV in the next room. While it does pick up clear sound, anyone on skype will also hear everything thats going on behind you as well as a slight hissing noise.
Any voice recording will need the background noise removed probably also amplified in something like Audacity.
The sound: is fantastic though, its perfect for listening to music and gaming. No hissing, just crystal clear audio playback.
Overall, it's definitely not a bad headset, and while it does feel tight to wear in the early days, it became extremely comfy after a week.
I personally wont be returning it, but I could have just kept my old headphones and spent the money on a stand alone microphone which did have noise cancelling.