I wouldn't call $100 cheap for a headset. =)
I really, really, really love my Razer Tiamat 7.1. However, it's out of your price range, currently at $160. http://www.amazon.com/Razer-Tiamat-Surround-Gaming-Headset/dp/B007CS9WYI
However, it's little brother, the Razer Tiamat 2.2 is not: http://www.amazon.com/RZ04-00590100-R3U1-Tiamat-Expert-Stereo-Headset/dp/B009KY5M0K/