Anyone have any input on a reasonably priced (like $40-ish or less) headset that will work well with the PS4? I want to be able to chat with friends and maybe hear game audio through it, and it sounds like the pack-in headset is below par...

I think a favourite that emerged from the (pretty long) Neogaf thread was the official PS Vita headset, here's an Amazon Link. They go for around $10-$20.

Other recommendations can be found in that thread too.

Turtle Beach has a $30 one that seems OK for voice chat/streaming and is pretty comfortable. It's only got one earpiece, though, so it's not good for game audio.

Thanks for the info, guys. I probably want to stay away from the earbuds, but there are some good options in that thread, by the looks of it. The Turtle Beach P4C might be just what I'm looking for.