I have gone both ways, and with pretty well set up 5.1 channel systems (all Wison, BMW, Totem speakers - obviously at different times - all speakers same brand). Various amps (all Krell, Theta Dreadnaught II [aweful for 2 channel], Contrad Johnson and others). Good pre/pros (latest Krell, McIntosh, others). Always REL subs. I guess I am saying that I really gave it an honest effort.
Sometimes, but rarely it was great, most the time it felt artificial. This probably has a lot to do with two things: the material/mixing/peformance and secondly my room. Movies were certainly entertaining, more so than with 2-channel movies.
But in the end, I decided to go back to 2-channel for a more pleasureable music listening experience - when I want to sit down and be immersed in the music.
I now have 2-channel in one room and 5.1 in the TV room (via inwall Polk Speakers, Pioneer Elite receiver and Oppos DVD player). The room looks a lot better, the performance is not as good, but I still enjoy it immensely for movies (which are few and infrequent by me, more common by the family).
Surround is great, occassionally, when it is set up right, but too often I found it less pleasing than with 2-channel.
So I see both points, but to me the greatest weakness in surround is still the lack of quality media.