If you would like to share with the class - what kind of setup do you have?
Personally, I have a 37" Sharp Aquos with 1080p on the TV side of things, and a Yamaha YHT280 home-theater-in-a-box surround sound with receiver. Despite it being a HTIB, I've calibrated it enough to my liking. I recommend a HTIB (WITH a receiver) for anyone looking to start a good knowledge in surround sound. It's expandable, so you can build on it later.
TV - Not mine:
Surround:
I also have pretty much every game system - and a PS3 for Blu-ray.
As for future adaptability, I wouldn't mind upgrading my two front speakers so I can play PCM tracks more. I also wouldn't mind upgrading to an HDMI receiver to get that real, raw Uncompressed PCM 5.1 chugging through my room. Onkyo's got real good, cheap HDMI receivers but I don't think I'll upgrade that soon.
I got the system in seperate parts for around $1700 Canadian in total, which is an amazing setup for a poor student like me.