I have the PX5, works on 360 and PS3. Having a 4 year old and a woman who is up at 04:30am every morning makes this an essential purchase for me. I wear them when watching movies in bed, sound is epic not just on games.
I don't own turtle beaches, but I did spend over £150 on headphones... Not for gaming, but for listening to music. The quality is incomparable to some other headphones, especially those pretty looking ones hipsters wear.
Some folks want to hear every detail of a game. Expensive headphones / expensive speaker systems will help with that.
An Englishman, an Irishman and a Scotsman walk into a bar. The barman looks at them and says: "Is this some kind of a joke?
Beats me, they seem useless to me. Every single time I hear someone with an echo from their mic they have a turtle beach. I also hear from people that have have problems with theirs all the time. Waste of money, unless you want an echoey piece of garbage that breaks down all the time.