The Razer Kraken 7.1 Chroma Sound USB Gaming Headset costs $45 more, so that's no small difference in price. I would imagine they both offer decent sound, but the ear buds would probably get uncomfortable after a while, as they do look heavy to me. I've owned several decent ear buds over the years and they do sound great, but they do not last very long for me. They ALWAYS end up getting a short in one of the cables, which causes the sound to distort or completely go out. This happens from accidentally pulling on the small thin cables, which all ear buds use.
Personally, if I were you, I'd go for the bigger headset. They should be able to stand up to a little more abuse and most likely last you for several more years over the ear buds...