This kind of sucks since I've shelled over $500 in headsets for consoles (astro,TB, and skullcandy), but hopefully microsoft will open up to third parties and allow them to have true wireless headsets instead of a wire from the controller. I think this could be a small step in the right direction for them if they choose to allow that (probably wont).
I'm not worried. So long as you have the appropriate output (whether it be 3.5mm or else) on your TV then sound won't be an issue. The only issue is how the chat is connected and I'll put money on there being a 2.5mm to X1 CHAT or whatever they'll call it adapter being released by either MS or a third party within weeks.