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