[Raw Kryptonite]

Headphones are an excellent way to game. Spend $100 on the Turtlebeach X3/X31's, which are stereo. If you have more to spend, they also make 5.1 models, the X4/X41.

Both of those will get you wireless, which is a big deal IMO--a bigger deal than 5.1. Voice comms are excellent, better than any other headset that I've used.

The thing about headphones and gaming is that you don't have to have 5.1. It's perfect stereo and even with just left/right input you have incredible directional awareness. Any slight move left/right in a game pinpoints where you're hearing someone from. A good set of stereo headphones is better than 5.1 headphones at the same price that won't implement the surround sound well and will muddy up the sound. It's quality sound over worse sound with a 5.1 feature. Most surround sound will actually say "simulated surround" which isn't true 5.1 as well.

If you don't want to spend $100, the X1 model is very well liked. It's the wired version of the X3's and still has the good comm system.
The Turtlebeach headphones are good due to the comm feedback you get, so you don't end up shouting in the house when you don't know how loud you're talking. There are other brands out there, but Turtlebeach is the one that's really catering to console players it seems.
You may find that you prefer this to the actual system at home. The sound comes through very well and you can crank it up. It's not really a compromise, sometimes I use mine even when I could use the 5.1 in here.