I'm using Jawbone and I must say that noise cancellation works like advertised. I've had conversations where I'm in such a loud environment that I'm having trouble hearing the other person, but they're hearing me with very little interference just fine.
My only complaint about the Jawbone is that I can't get it to fit snug on my ear. The earloop is snug, but the earbud part of the Jawbone bounces loosely outside my ear. On the upside, the sound coming out of it is loud enough that I can still hear the conversation just fine, but it does not feel snug and secure.
I believe that's just me, though, as I've had a heck of a time finding "in-ear" headsets that fit me, regardless of make or model.
I haven't tried Apple's version, but having a recharge base that fits both the iPhone and the headset piece would be very handy!