Everyone I've talked to about shopping for a home theater system has pointed me here for recommendations, so I'm hoping to get some assistance! After browsing the forums a little bit, I can tell you guys know substantially more than I do in this space.
I'm looking to piece together a 3.1 setup with the front speakers mounted around the TV, but I've been warned that with our living room being so open that I might have trouble getting great acoustics.
Pictures of living room (wiring is a work in progress):
Living Room - Imgur
If you stand at the back door and look forward, it's super open leading to the kitchen / dining area so there basically isn't a closing wall around the living room at all.
On the subwoofer front I was told that the BIC F12 would be a solid piece, but that's really all I have in terms of what I'm looking at.
As far as a budget goes... keeping it around $700 would be awesome, but if a few hundred more dollars would make a big quality difference in what components I can get... I wouldn't be against it!