What are the best home theater system for a 1080p HDTV and blu-ray DVD player?

I recently purchased a HDTV with 1080p and a blu-ray DVD player (PS3), and wonder what are home theater systems that would provide better outcomes at a reasonable cost (<0). Do I need to buy a system or a receiver and separate speakers with capacity of 7.1 channel and HDMI 1.3 output?. Any recommendations on particular brand name and model?

Thanks ahead of time for your help!

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