If you are wanting to buy it for The Conduit only... from my experience I wouldn't bother, it sounds terrible (I don't have it) you seem to need to place it far away from your TV just to stop it echoing all the time.
You might want to wait till someone who has it can answer of course, but I have been muting people with it turned on because other people speaking cancels out all my in-game sounds for some stupid reason.... so if I don't mute I end up walking around the game in silence until someones says "YEAH!" or whatever on their wii speak and I then have to hear that about 4 times as it echoes around.
As for who you can actually speak to, obviously that will be specific to the game, but in The Conduit in free-for-all you can only hear/speak to those who are close to you in the game.... while in team reaper or team objective you can only speak to those on your team (no matter how far away they are)
