I think you should test the idea for yourself. If your rear speakers match your front speakers, go into the menu for your receiver, and shut off the surround speakers. Then, turn it off, and disconnect one of the rear speakers and put it up front as the center speaker. Position it as close as possible to the screen, preferably oriented identically as the front right and left speakers. Then balance the front three speakers. Then listen to some DVDs, and compare using all three front speakers with only using the right and left front speakers, and see if you like having a center channel or not.
If your rear speakers do not match the front, then, if your dealer allows you to try things at home, go get a matching speaker and try it with your system, comparing the sound of 4 channel versus 5 channel (or 4.1 versus 5.1).
I personally would rather have a center speaker than to have surrounds, but my opinion does not matter for what you should do. Try it and see if you like it.
I will say this, however: A phantom center can only work properly for one person on a couch; for everyone else, the phantom image will appear to come from the wrong place.