I have taken a bit of effort to search down options for users needing a superior value alternative to low quality integrated systems.
There is good news. I found a satellite speaker that happens to be superior to most anything that costs even 5x as much; and this is by way of verified measurement and comparison objectively - not some useless subjective assessment.
The Behringer B2030P studio monitor. It comes in pairs that cost $130 per pair from pro audio stores like
www.zzounds.com or
www.musiciansfriend.com. This humble looking 2 way 6.5" midbass woofer based speaker has superior on and off axis response linearity as compared to anything, even 5x as much, of my knowledge. It has high quality driver units that feature low resonance. It has a very high quality/robust crossover circuit. The speaker cabinet has slightly lower resonance as compared to many other bookshelf speakers. Use these as satelites and cross at 75 to 80 Hz (set receiver so that speakers are set to SMALL and set the xover to 75 Hz or a bit higher). You need 3 pairs of this speaker, coming to a total of $390 for the speakers. This gives you 6 speakers to use for left, right, center, left surround, right surround and rear center.
As for the receiver: the Onkyo SR506 is the obvious choice for maximum quality for the price, but it has only HDMI pass through switching. I don't know of any receiver with full HDMI support function for this price range. In fact, you may as well go for the SR505, last years model, since you can get it for 150 or so, factory refurbished, from authorized online dealers.
For the subwoofers, there is only one option I know of for the best sound quality for the super low price bracket you desire: the Dayton powered 10" or 12" subwoofers from
www.partsexpress.com. The 10" is about 130 dollars each and 12" is about 150 dollars each. I highly recommend getting two of whatever you decide to get. Not only for dynamics, but also to achieve superior/seamless integration from the subwoofer to satellites. Normally, for music, bookshelf speakers when combined with a subwoofer, have a perception of the bass not being 'one' with the satellites. This is solved by using at least 2 subwoofers of identical model, and placing one near each main Left and Right speaker. Placing within 3' to 4' of each is sufficient.
If you follow my recommendations above concerning the satellite model choice and the subwoofer set up technique, you will have sound quality that is extraordinary for the price/cost.
-Chris