Also, I'm sure everyone has their favorite brand speaker. I had bought klipsch speakers 3.1 system for my computer and fell in love with them which is why I am favoring that brand. Brand loyalty aside, are there any specs I should be looking for? I also read that there needs to be some similarity between speakers. Lets say I get klipsch for the center speaker, can I get a different brand for the subwoofer? Said in another way...are there certain specs that need to be similar for all speakers in a home theater system?
The consensus I have read is that it's a good idea to match the brand and series for fronts and center. If you can match the surrounds, also, that helps, but not as important as the front three. Subs don't matter for matching.
I recently bought Klipsch speakers for my front three and surrounds and a HSU Research sub. Sounds great to me.
Beyond that, I'll give you the same advice most people gave me: try to find a place to listen to different speakers and find what you like.
For instance, I was considering Polk speakers because I had a Polk set from a HTiB. They were low end but I was impressed with them for what they were. However, when I listened to the Polk RTi-A9s next to the Klipsch RF-82 ii, I was swayed over to the Klipsch speakers.
It might also be worth considering how much you will use the speakers for different modes. Mostly movies? Mostly music? Mix?