As others have said, you can do a 3 channel or 2 channel system and it can work well. For a long time, I used a 2 channel system with my TV. Surround is better, but it adds cost and complexity, plus there is the issue of the speaker placement and wires. Frankly, I think most people should consider converting an extra bedroom (or other such extra room) into a home theater instead of doing it in the living room, as it isn't generally esthetically pleasing, but it does matter for the sound.
As for a subwoofer being "boomy," as fuzz092888 observes above, if one has a quality subwoofer that is properly adjusted, it will not be boomy. It will just add depth to the bass performance that one gets. Many people, however, do set their subwoofers too loud for a natural sound, and they have boomy sound. But that is their choice, not something inherent to having a subwoofer.
For the money, I generally think that getting bookshelf speakers and a subwoofer is the best way to go, because the main speakers do not need to reproduce deep bass if one has a decent subwoofer. And I like using an identical bookshelf speaker for the center channel (oriented vertically, like the front right and left speakers), as it then gives perfect voice matching, instead of something that is only similar in sound. But what people should get always depends on budget and the particular goals the people have.