Yes, all of our Headset Buddy products will have both audio out (headphone) and audio in (microphone).
Our XBox360 and PS3 adapters have both audio out and audio in, but this only applies to chat audio. The actual game play audio will still come through the T.V. speakers. We do offer an XBOX360 KIT and a PS3 KIT that will provide total audio compatibility with the headset.