I'm looking to buy a better headset for my 360.  I did a bunch of research and determined that the super expensive ones (the axpro, a40, and x41) just cost more money than I wanna spend right now.  I've narrowed it down pretty much to either the Turtle Beach X1 or the Microsoft Wireless one.  I mainly use HDMI cuz I play on my monitor, so I guess I would need the HDMI audio xbox thing to get the game sound to work with the X1.  Anyway, I just wanted to get some opinions on the matter or if there are any other headsets I should consider that are 50 bucks or less.

I have the turtle beach X2s and they are just ok.  They are very nice for single player, but not very good for multiplayer.  I end up using the xbox headset, both the earpiece and mic, because I can't hear chat well enough and party members can't hear me w/ the X2 mic.  I look rather goofy w/ the xbox headset on with the X2s on over top of them (for game audio).  I guess it gets the job done...no one in the house can hear the game audio blasting through the house.  I would recommend looking for something better than the X2s...not sure about the X1s, but my experience with the X2s would keep me from looking at the X1s.  Good luck.

i have some x1s and the sound quality is good but they seem to be fragile. mine broke :,(.

The X1's were my first headset. If there are times when you need to play games quietly without disturbing others you should definitely pick them up. Their sound quality is pretty good as well.

I use the Microsoft Wireless headset and I fucking love it.  The only thing I don't like is the battery life, mine dies in about 6 to 8 hours.

It's funny...after writing my last post, I realized how ridiculous my setup is, so I started researching.  The turtle beach X31s sound pretty decent - I think they've addressed most of the problems I have with the X2s.  At $100, I know it is out of your range, but maybe watch for a sale or coupons.  Wireless is pretty much a must-have for me.   I'm seriously considering getting them to help make my MW2 experience more enjoyable.

Micrsoft Lifechat USB headset, bust buy $43 with tax.

I have a Steelseries 5XB, and I love it. Has great sound, super comfortable, can be used as a PC headset or on an MP3 player, seperate volume knobs for game and voice chat volume, and has a super sturdy cord. $100, so not super cheap but far cheaper than something like Astro products. 
 
Only real complaint I have with it is the cord on the headset part is shorter than I'd like, which is noticeable when I'm using it as a PC/MP3 headset.

I  use the Turtle Beach Ear Force X11.  They're great, very comfortable.  Excellent game sound quality, chat, separate volume for each.   ~$50 right now on amazon.  Only drawback is wires.  Don't think you'll find wireless for $50 though.