Initially I got this headset as a temporary solution to get around my terrible built-in mic on my laptop and my original judgement from the price...my expectations were pretty low.
That being said, I'm pretty impressed. THe soudn isn't the loudest I've had (my cheapo Skullcandy earbuds are probably 1.5x as loud) but it's loud enough to hear all the necessary detail in games and clear enough to comprehend what it all is in game or what the speaker(s) are saying in Skype calls.
Also, according to my friends, the mic is pretty decent as the common opinion seems to be that it's a tad quiet (see the pattern yet?) but the voice quality is quite clear.
If you're looking for a cheapo headset to start off with for a while, go for this thing...it's a great starting point.