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.
I agree. The two formats serve two different purposes. The primary driver behind HT is to support the video experience. HT has come a long way and there are a lot of fine components. Is it mid-fi? Generally. But let's define hi-fi.

If hi-fi is getting the most you can out of your music system so you can closely replicate the live experience, then you generally need to spend a lot of time, energy and money to get there in a stereo format. Doing the same in HT may be impossible (if you are an analog and/or triode advocate) or very difficult since HT does not generally cater to the high end so it is difficult to find the same level of digital/analog conversion quality. Plus you need more high end speakers, cables ....

Folks may disagree, but it costs a ton more money (today) to get the audiophile experience in HT than it does in stereo. Tomorrow will be different and these may well get more integrated. That's not to say you can't marry these things together today. Great stereo speakers, amps, preamp, etc. and supplemental center, surround speakers, a/v preamp, extra amps can be combined cost-effectively (provided the supplemental equipment is at a more mid-fi level). My impression is that, to marry the two together in one room, you really need the two pre-amps and separate DACs and separate DVD/CD players to get this done right so you can still get the hi-fi experience for music without killing yourself financially.

My two cents. I'm sure folks will disagree. Again, tomorrow will be different. Today, there are two different purposes and neither system is really designed to do both.