Bill,
I've been considering going that route myself, but my wife likes multi channnel music so much that I'd have a hard time selling it to her. I've run a 4.1 system for a while now and have been considering a 2.1 or possibly a 3.1 (I'd need to get a center), but last night my wife suggested we get 2 more surround speakers!
IMHO if you go to a 3.1 system you'd probably have an enjoyable setup for movies and TV.
John
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HT:
Pioneer VSX-1120
Salk Songbirds, SongCenter, SongSurrounds
Panasonic BDP-45
Outlaw LFM-2
2 Channel:
Red Dragon M-500 monoblocks
BAT-VK3i
Salk HT-1TL's
Apple TV
Beresford 7520 DAC
Surgex XS10