I'm not an expert by any means, and I haven't been exposed to too many systems, but it blows my Altec Lansing 251 5.1 computer speakers out of the water, despite being only 2.1. The benefit of going digital I guess
The mids and highs are very clear and doesn't distort unless you punch it up to 70 or 80.
Build quality is excellent for the sub, and ok for the speakers (high quality, but shiny, plastic). The whole package is bigger and heavier than I thought, that's a good thing!
The bass is probably the weak point, if I had to pick one. It rounds out the sound nicely and even throws some punch into action scenes, but one cannot really say they're groundshaking. Also doesn't help I use it in a room with carpet.
The on-screen menu is not as robust as I initially thought it would be. It does the job, but it doesn't have fancy features like naming the inputs etc. Plus there's the issue I mentioned above (a minor annoyance, but it does allow me to play my PC audio while playing PS3 if I so wished).
For a $300 system, it's excellent. I just wish the surround speakers (which brings the system to a full 5.1) were available in North America; I don't believe they are, and I would love to be proved wrong. I wholeheartedly recommend the system for those who live in apartments or as a bedroom system.