"...you wouldn't buy an expensive turntable and put a $19 cartridge on it an expect greatness. How can you only buy 2 out of 5 speakers and expect greatness? Wasting your money with that mentality."(cinematic systems)
This is analogy is off track IMO. It's not nearly the same thing comparing expensive tables/cheep cartriges with 2 vs. 5 speakers. We're talking quality vs. quantity here...apples and oranges!
I currently run a 5.1 system that's being upgraded as we speak to 7 channels plus sub (there's no such thing as true 7.1 yet folks...at least that I'm aware of). And yet were talking about 7 channels of high quality, superbly integrated, superb sound quality, if even a more modest separates system in a small room. Still, I've owned just as satisfying of a system with a 2.1 channel setup,using higher end gear, with 2 channel pre, tied together with an AV digital pre as well for movie watching (a necessity).
Different, but they're both very effective and rewarding.
You DON'T NEED TO HAVE MULTICHANNEL to get a good sound experience, indeed NOT! It's just different, perhaps more effective at enveloping for multiple seating arrangements. And yet, you can easily (I can at least) enjoy the tremendous sound quality, pressence, coherence, refinement, and dynamics of a well constructed, properly integrated 2 channel AV/music sysetem! It's just in how you put it together.
And, you know, even after all these years as an avid audio-guy, I still believe the picture quality and size is more important ultimately. There's nothing quite like the large quality big screen experience when done right. Now tha thigher def is becoming more standard (HD DVD coming), and technology is getting better and cheeper, getting "bigger" is a much more interesting proposition.
And yet, I'll still strive to tinker and tweak the best darn audio systems I can for my budgets. It's all good...