DSP > multiple drivers
I spent a good while researching before buying a gaming headset recently and most informed places (headfi.org and AVScience forums) tend to agree that the cheaper Tritton AX720s with their DSP-based surround are in fact better:
http://www.amazon.co.uk/Tritton-AX-Headset-Digital-Surround/dp/B002ZS6Y64/ref=sr_1_1?ie=UTF8&qid=1308829451&sr=8-1
There's fairly universal criticism for the Turtle Beach equivalents being too flimsy.
I have the 720s and they're great.
Shameless blog plug here but I wrote a post about Dolby Heaphone and I included some sound clips with it enabled for comparison. You can try it with normal headphones here:
http://pcloadletter.co.uk/2011/04/05/5-1-channel-audio-through-headphones/