Here are my requirements. I need the headset to comply with the following.

1) Analog (4x3.55mm) jacks
2) "True" surround as in multple drivers per can/cup. (No virtual, it doesn't work well for me, virtually no directionality)
3) At least "Noise Shielding". They don't have to have full on "Noise Cancellation" but it would be a bonus.
4) Prefer a non-detachable, yet adjustable, mic boom. But a detachable one would be acceptible.
5) No more than $300 Canadian

This headset will be used for gaming and gaming only. I am willing to sacrifice a fair amount of sound quality for directionality. My sound card is a Creative X-Fi XtremeGamer Fatality Professional. It's more than capable of producing a realistic enough surround sound experience when using 3.55mm jacks.

So far the headsets I've tried are:

1) Psyko Labs 5.1 "perfect room" headset.
Problem here is the waveguides end up muffling alot of the directional sounds and they end up getting lost in the non-directional ambiant sound effects and music. Great concept, but they need more R&D to get it just right.

2) Razer Megalodon 7.1 Virtual
Problem here is they're virtual surround sound. No directionality and not compatible with CoD4. Great sounding headset though, just doesn't do what I need from a headset.

3) Logitech G35 7.1 Virtual
Problem here is there are not compatible with CoD4. The directionality in CS:Source is present however still not prominent enough.

4) Zalman Analog
Great directionality in all games I've played with them, but they were built pretty cheap and broke quickly

5) Razer Baracuda HP-1
Same as the Zalman, great for gaming, just broke too easily.


Any suggestions would be appreciated.

Ive got Zalman, i love em, they are doing well for me.. work great in every game i play.

I wouldn't bother with 5.1 headsets most of them are vastly inferior to stereo headsets like the A40 or Sennheiser PC350

http://www.roccat.org/Products/Gaming-Sound/ROCCAT-Kave/
I had the same sound card as OP and in COD 4 the directional sound was amazing not so great in BFBC 2. Now I just use onboard sound with me new PC and it's nowhere near the creative sound I had before.So if you have good sound card I recommend Roccat Kave

Surround sound is great, but it kind of sucks in headphones. I'm another stereo headphone guy.

I have to agree with jswizzy...it hard to top a good pair of Sennheiser PC350's.Outstanding positinal sound,I can tell exactly where and how far away any sound in CoD4 is whether it be gun shots,reloading or even footsteps with dead silence on.
The PC350's have excellent sound no matter what I'm listening to, especially with the base mod http://www.head-fi.org/forum/thread/406187/modding-the-sennheiser-pc350-headset amazing base and sounds great not only in game but watching movies and listing to music as well.I found just a single small hole 1/16-1/32 with a single cotton ball for damping on each side works really well.