Stereo or Home Theater?

What do Stereo-only people think about Home Theater, and what do Home Theater people think about Stereo-only. I perceive that there is quite a gulf in ideas about proper reproduction between these types. My take is that Home Theater is the new mid-fi, with Video as the centerpiece, and audio going along for the ride. Some think I am anachronist. What do you think?
I personally have not been impressed by any of the music reproduction in multi-channel. By the same token, I am not impressed by movies reproduced in 2 channel. It seems each format is up to the task it was designed for. Now that music is starting to go multi-channel it's a little different. But you certainly don't see movies going 2 channel. I think the influx of music to multi-channel is a mid-fi aspect for now. That could change, but I think it is a "wow" delivery for the masses. Now, while I have not done this experiment. I wonder what 2 modest (< $300 a piece) book shelf speakers vs 5 of the same speakers and sub woofer would compare for music--perhaps others have tried this experiment.
I think one of the main problems is that people think that one system will satisfy both camps. I have found the best way to go is to have two separate systems in two locations. Unless you are an avid videophile, you will, most likely use your audio only system more (background or serious listening). Of course having the room or money for two systems can be a problem, but putting together two good systems with quality used or new gear can be done. In my opinion, I think it is worth it.
I agree with the two previous posts. After beginning by building a home theater system four years ago, my dissatisfaction with it's music reproduction caused me to build a 2 channel system as well. The only thing they share is the same subwoofer, and I enjoy both systems for their specific uses. However, It'll be interesting to see if the standard for music only systems becomes based on a multichannel setup a few years down the road.