I am always a little bit skeptical of 2.1 systems that are marketed as replacements as 5.1 systems. No matter the tricks, its pretty hard to replace the physical speaker. However, there is still room for a quality 2.1 sound system. If you are looking for something a bit smaller for say your bedroom or den, but are still interested in quality, it appears the Denon S-301 may fit the bill. For the $1500 price tag, you get an upconverting DVD player, a couple of sat speakers, a sub, the usual connections, iPod cable, USB port and wall brackets for your speakers. Not a bad value if the sound lives up to its price tag.
From the review:
I tested the system with a number of movies, two of my favorite test flicks are Lord of the Rings: Fellowship of the Rings and Underworld Evolution. I particularly like the birthday party scenes of LOTR with the fireworks. While I still didn't feel surrounded by the sound like I do with a 5.1 system, the sound quality was great. While the bass was deep, the voices and other sounds were still easy to discern and not overwhelmed by the bass. The remote has universal functions for other home theater components as well as specific controls for the DVD player.