I'm looking for the same thing, a 5.1 setup for ~$500, for my basement (aka, Man Cave), aprox 14' x 20'
I haven't purchased a receiver yet, but it will probably be the Pioneer VSX-1019AH-K
I was checking out the Polk speakers on Crutchfield, if you get one of the 5 speaker setups, you can get a polk sub for $100 off, and if you buy $499+ worth of Polk speakers, you get a free pair of Polk OWM3 speakers, so you could do a 7.1 setup for $550.
I'm just not sure which way to go, cheaper surrounds and the better sub, or better surrounds and a cheaper sub, or go in-between
The following combos would give you 7 speakers and a sub for $550
Polk RM75 ($300) + PSW125 sub ($350) + Polk OWM3 (free) - $100 = $550
Polk RM85 ($400) + PSW110 ($250) + Polk OWM3 (free) - $100 = $550
Polk RM95 ($500) + PSW10 ($150) + Polk OWM3 (free) - $100 = $550
Or would I be better off with some of the other options already mentioned?