Summary: First thing I should mention is that I'm not an audiophile or expert. I'm just a guy who wanted a great sound system for his TV without the hassle of true surround sound. I've had this system for about 6 months now and here's my conclusion: in some respects it's great but it has major flaws as well. First the good. The sound is very good. I've never had surround sound before, but I've had friends who have and so I'm familiar with surround sound.
Summary: FYI...I have a large living room (about 20'x30' and vaulted ceiling). The sound quality is great. It "fills the room" with highs and mids (lows, not so much). If you have a large room, a subwoofer is mandatory...budget accordingly. In my living room, it does NOT achieve the same level of surround sound as a wired system. It does a good job of mimicking the center, front-left, and front-right speakers.