our martin, maybe someone else who actually owns the Essence One can chime in:
I went ahead and read the Essence One user manual last night (online at Asus' website), and I saw nothing to suggest surround sound modes like what the Essence ST(X) offers. For what you have in mind, you'd probably be better off with an Essence ST Deluxe 7.1 Edition (with the Xonar H6 extension card that boosts it to 7.1 surround capabilities). The Essence ST comes stock with "virtual" surround 7.1, but the extension card is required if you eventually plan on installing analog 7.1. If you never plan on doing this, skip the Xonar H6. EDIT: I remember while installing my girlfriend's Essence ST that the headphone amp input and microphone input cannot be used at the same time. This would suck for you, because you would be forced to use the high quality microphone input + RCA inputs for your headphones.
All I use for communication in PC gaming is a wired XBox 360 controller (which I sit on my desk -- I play with the mouse and keyboard) with a 1st party microphone plugged into it. I use this at the same time as my audiophile headphones by simply putting the headset in front of my headphones' headband. How much is my headset? $2 + the controller, and everyone can hear me clear during competitive games. You don't need ultra high quality microphones in first person shooters, even when playing competitively: to increase quality, you're better off using a program external to the game so that you and your team have a dedicated high quality sound connection (which is in fact what most competitive teams do). I can see how the great microphone would help if you were making Youtube videos involving gameplay, but that can be dubbed in after-the-fact and cleaned up in software.