Cheap vs good. Look up NIHL , noise induced hearing loss.
I have a cheap headset I bought when I needed one at short notice abroad. It looks exactly like a DC10-13 but a different colour. At the time for $80 I thought it was a bargain compared to my £500 10-13x. It's worked as my second headset in my bag for 10 years and is the one I give to student, passengers etc.. when they don't have their own. I thought I was doing them a favour,how wrong I was.
A couple of weeks ago I took someone up with a small head. The copies wouldn't fit her head. I suggested we swapped, she took my Dc10-13xANRs, It was then I realised how well spent my £500 was. Using the cheap headset I had to turn the radio up 5 clicks so I could hear it, the engine noise was huge and at the end of the flight my ears were ringing. The comms were much less clear and in short I did not enjoy the trip anywhere near as much.
Any time your ears ring as a result of noise you have permanently damaged your hearing. Any money you spend now on an excellent headset will be more than paid back against hearing aids in the future. I know 40 year olds who can't hear conversations in busy rooms - a result of noise induced hearing loss. (The ipod generation will find this out to their cost soon too)
The extra money isn't just for badges and kudos. Good headsets save your hearing and make flying a lot more fun.