Quantumrand, Turtle Beach does make some great headsets, but they stick with console-only, for the most part. On top of that, their latest headset came out almost 8 months ago, though they do have some new stuff coming up.
dvanholland, I have heard good things about the 5H v2, but they're also fairly old. Not sure what they've got planned for the future.
Airborne11b and gryphyn, the G35s are great, and I see why you and your friends like them. The Tritton AX Pro is also great, but I remember first opening it and cursing. Why the hell are there so many cables! They do have a cheaper set that doesn't include the audio controller, but that's a different model and its PC only. They've got some new ones out now that look pretty nice as well.
xc0mmiex, when I first used the 777's, I thought they were great. Literally did a drop test to see the damage, and it was a champ. But over time they became very annoying, at least to me and others testing them, very tight on the ears. If it works for you, great! Best deal on a surround sound headset out there yet.
Just so you all know, the market for surround headsets isn't going to grow very much. Tritton is pushing it hard, as is Razer with the Megalodon and soon Psyko Audiolabs, and Turtle Beach, so the expensive sets will have pretty big price drops come holiday season.