My system (don't remember a lot of the model #s offhand):
Toshiba 27" standard CRT TV. It's a decent model, it has component inputs.
Toshiba progressive scan DVD player (I got prog-scan for my "future TV" ).
Sharp Hi-Fi VCR (never gets used).
Panasonic Showstopper (ReplayTV).
Yamaha RX-V493 receiver.
Some tiny Sony center channel speaker.
Boston Acoustics VR950 main speakers.
Boston Acoustics CR8 rear speakers.
M&K 12" subwoofer.
I think my system sounds pretty good right now, I have gotten a lot of value for my money overall.
Obviously, I need a new center channel speaker, I'll probably be getting the Boston Acoustics VR910 for Christmas (come on Santa). I also need a new receiver, the Yamaha I have is old and only "digital-ready" with the 5.1 analog inputs, no digital inputs of any kind. I'll probably sell it on eBay and get a Denon AVR-1803. Of course, then I'll need a rear center channel...
Long-term I want a bigger and better TV (who doesn't?) but apartment living dictates something smaller.
Sometimes I think "what if I had never bought any home theater stuff, imagine how much money I'd have saved" but a guy's gotta have his toys.