Well, good isolation, comfortable, mic that works with both smartphones and PC, sleek design, decent sound, readily available anywhere. I don't think you can get much better for 50 bucks. The elitism around here sometimes makes me lol. Besides the issue of mics failing with many Carcharias, I have not heard many bad things about Razer audio stuff in general. I'd still take a Razer/Steelseries headset over the Turtle Beach or Astro garbage any day. At least Razer's design team is doing their job, while that of TB and Astro clearly isn't.
So OP, if you do a lot of gaming and not much music the Electra would be fine. Or the Corsair 1500. Or the SS Siberia v2, all decent for the price. However if you do more music and don't need a mic that badly then definitely do more research. Still I don't think for 50-60 you can get anything that vastly outperforms the Electra anyway.
And whatever you do stay away from 5.1 or 7.1. Since you say you want to fit earphones under the headphone I'm assuming you do LAN events as well...For that 2 channels are all you need. 5.1 runs on drivers which can screw up at times, not to mention they're fake and sound terrible.