Call me crazy, but I do not understand the ridiculous hype around "high-end" and "audiophile" class sound equipment. My dad just built a house with a $38k A/V system. It has 7.1 and all that jazz but frankly, it doesn't blow my mind at all. I have always been perfectly happy with the on-board sound (which is paid for with the motherboard) going to PC speakers (for me these were always THX cert. Klipsch ProMedia 2.1 or Logitech Z-5500). I'm not def or anything, just don't get the reason to spend so much. Sounds like outstanding marketing though - it must be working.
Here is my current HTPC which I have been perfectly happy with:
Intel Core 2 Duo E7200
Asus P5Q-EM
Corsair XMS2 DDR2-800 4GB
Linksys Wireless G PCI adapter
Hauppauge HVR-1800 PCI-e Analog/Digital TV Tuner
Nvidia 8800GTS 512 MB (G92)
LG GGC-H20L Blu-Ray/HD DVD player
WD GP 1TB (wd10eacs)
WD Caviar Blue 640 GB (wd6400aaks)
Antec Fusion 430 Black Case and PSU (430 watt)
Windows Vista Home Premium 64-bit
This connects to the Klipsch ProMedia 2.1 speakers currently and a 52" Panasonic Rear Projection LCD TV (720p but at $500 the price was right).
The only change I could think of would be to perhaps use one of the fancier mATX boards without onboard graphics like the DFI LP JR P45-T2RS or the upcoming Asus Maximus Gene and possible an E8400 - cooling is limited here. This system started using the onboard graphics then added the 8800GTS later. As stated, maybe I dont have the (on paper) best audio coming out of my speakers....but it sure does sounds good enough to me. And when I have some more money floating around I'll get a 2nd set of Z-5500 (currently my only one is on the gaming PC) and enjoy surround sound. This is a particlarly nice speaker set as it allows coaxial, toslink, OR analog inputs. I will add that the peak power output on the Z-5500 is 505 watts, so this is comparable to a 1010 watt home theater set, as PC speakers are advertised at rms wattage and HT ones at peak. And let's not forget that they are also THX certified speakers.
This setup allows me to game on said TV screen without any problems while staying quite, pretty cool, and working well. I would love to be shown the difference between my $200 speakers and my dads $38k setup, but aside from sheer volume of sound, I can't see it.
I expect to be booed and thumbed down now for not being an "audiophile" but hey, they couldn't tell the difference between a clothes hanger or $1200/foot cable either.