That's a very good question! I haven't played the demo yet with surround headphones; I'll do so and let you know.
Surround headphones definitely do help with situational awareness in some games – generally games with very good sound design (to state the obvious). The most notable example I can think of right now is Codemasters' racing game GRID, where (if you're using the in-car "helmet view"), the surround sound is good enough for you to hear not only that someone is right on your tail, but even on which side of you he's trying to pass.
Surround headphones is a subject about which I've read (and taken part in) lengthy discussions on other gaming and A/V-related forums. In (short, short) summary:
Don't buy one of the sets of so-called "surround headphones" targeted specific at the gaming market.
Do buy yourself a set of mid-to-high-end circumaural headphones (e.g. Sennheiser HD5xx series), and a separate headphone amp which supports Dolby Headphone (e.g. JVC/Victor SU-DH1).
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