I prefer to have a combined blu-ray/surround sound A/V receiver, similar to the Panasonic I have now. (Panasonic SC HT75)
The Cons against separate units as I see it are that the Blu-ray/surround sound units, only play surround sound while playing DVD's, not TV channels.
Also, if I go that route, most A/V units do not come with speakers (4 or 5) and I'd like them included in a combined unit.
Surround sound for DVD & TV (A/V)
Comes with speakers
I haven't come across any yet that meet all 3. This Panasonic was made in the early 2000's, so I find it hard to believe (though not impossible), that a similar combined unit is not available today.