see I perfer audio over video... the best surround sound system in the world with a rinky-dink TV is so much more immersive IMO.
The thing about Video is you can easily say "this tv right here is the best one on the market" use a respectable cable and a decent source (though, if it's video games you don't have much of a choice) and you're video situation is covered. Audio has an unbelieable amount of factors, and the costs can go well above that of a high end display.
I have a home theater room in my basement, it's got an DLP front projector and a big 'ol glass bead screen for a beautiful picture at a not-so-cheap price... however I've probably spend more then 3 times that much on my audio setup... before the projector I had the same audio setup but with nothing more then a 25" tube TV.
Cheap home theater in a box setups are a joke compaired to a REAL surround sound system.