My own personal experience (~13 years) with both multichannel and 2 channel systems has led me to the following realizations:
1.If I had to work with only one audio/video room then I would go with a high end home theatre pre-amp such as the Bryston SP2 or SP1.7 along with similar quality amplification and loudspeakers/subs. The main loudspeakers should be first and foremost very good at 2 channel music reproduction on their own. Unfortunately, this approach would cost me ~$15,000 to put together not including the display.
Eg. Bryston SP2 ~$3K, Bryston 9B-SST(5 channels) ~$4K, Bryston 3B-SST (2 channels) ~$2K, 6 Totem Model 1's ~$6,000, 2 Totem Lightning powered subwoofers ~$1,500
2.I am fortunate enough to have 2 rooms to work with for audio and video respectively. Being an audiophile first, much of my budget goes towards my 2 channel system which consists of a Sonic Frontiers SFCD-1 tubed cd player, 2 Bryston amps in bi-amp configuration, a pair of Totem Arros and a Totem Dreamcatcher powered subwoofer. Total estimated cost: ~$5,000.00 This system is located in my living room. Very resolving and musical.
In the recreation/multimedia room downstairs I have a budget but very good sounding home theatre set up consisting of a Panasonic Plasma display, Panasonic SA-XR70 6.1 digital receiver, a Panasonic S-97 Upconverting DVD player, 6 Paradigm loudspeakers and 2 Athena powered subwoofers. Estimated cost:$2,200.00. Very dynamic, detailed and good home theatre sonics.
In other words, to be able to satisfy my 2 channel standards and have a home theatre rig in one system requires a much greater outlay than if you were able to have 2 separate systems. I find that reasonably priced home theatre gear can be satisfying enough in its own element (movies and tv programs) but performs poorly or just ok in 2 channel mode. Just my 2 cents on this topic.