The headset that comes the with Xbox One is a solid ‘OK’ on the headset-scale of terrible to excellent. That said, the adapter that actually attaches the headset to the controller is pretty fantastic; it has mute (with an indicator led), volume up and down – what else could you ask for?
This post will detail the steps I took to remove the stock speaker/microphone and add two 3.5mm sockets so that any headphone/microphone can be used instead.