It's impossible to have true 7.1 ib a headset to begin with.
Not impossible at all. You just need a headset that has 7 speakers. I've seen and used true 5.1 ones before. 7.1 is rare but does exist.
For gaming consoles like the X1 and PS4. It might be harder to actually get the 5/7.1 working, but PC its no problem when you have a real headset. I personally never used the Kraken, but from the promo info, it sounds likes it stereo with an EQ like most gaming headsets.