Headset or Headphones + Mic?

First of all, I should say that I'm aiming for a real 5.1 solution (not virtual).

I'm a big gamer, music producer, and generally always using my computer with some usage of sound.

However, recently my old headset stopped working and I need to replace, my question is should I go for a nice pair of headphones and a table mic, or a nice headset all around?

Any suggestions on that, or even specific headsets/headphones would be appreciated. I'm not on a tight budget, but I'd like to aim for somewhere in the $100-200 range.

Edit - Closed Ear is highly preferred.