i just don't like how everything is in the back of the subwoofer,, I don't keep a sub near my TV or my rack (in my basement the sub is like 10 feet away from the rack and in my livingroom, the rack is in the basement,, i'd be running super long wires just to make it work.
other than that, you're almost better off going with say the Samsung bluray all in one home theaters (i have ht-c5500,, maybe not as many inputs,, but really if you run the optical from your TV to the unit, you'll get everything that goes to your TV.
Maybe you'll have a bit less power too (RMS side of things), but honestly unless you blast it all the time, you won't really notice. and their front & center speakers are 2 way design. for 350, you get more functionality i think