Okay guys, I did some research (didn't need much by the way) and it looks like Bose is out. But, what is the difference between 5.1 and the newer 7.1 equipment? Is it worth the but or will 5.1 be fine for now and future?

Thanks

You should probably ask this in the dedicated speaker forum, however, I will give you a quick summary here. A quick seach should also provide a lot of information.

Most DVDs are mixed for 5.1 and that is what most people do. There are some advantages to 7.1 - if you have the proper room/space to set it up correctly, and you want to spend the extra money on 2 add'l surround back speakers. I would rather have a properly set up 5.1 system with better surround speaker versus a poorly set up 7.1 with lesser quality surround speakers.

If you are designing the room from scratch it is a good idea to wire for 7.1 so you can add it later if you want.

Good luck with your decision.