First off, let's understand the difference between the average user, and the audiophile. The first is 90 percent of the population, they want the best sound (for their ears) at the best price for their budget. Audiophiles are commonly OCD as well, they are obsessed with sound waves, as measured by instruments that are useless to the rest of us. They have a disdain for Bose, mostly because they have achieved something that they can't understand, creating crystal clear sound, at high volume, with little or no distortion from tiny speakers. It goes against everything they know.
So, for the rest of us, these speakers are great. They have a sleek look, pump out jaw dropping sound at volumes that will make your cat run away, never to be seen again. They can make even older receiver's/processors with relatively low RMS power, sound beautiful, changing the way you watch movies forever. If you are okay with only a 5 speaker home theater, and don't want to spend thousands of dollars on a professional set-up, then I highly recommend this system.
Pros: The size, price, beauty and most important, the sound. Amazing highs, rumbling lows, and nice balance between. The speakers are unobtrusive, sexy, and produce very clear high quality sound. As the guy on TV always said, "set it, and forget it".
Cons: Only complaints, the relatively thin wires, and their length leaves a lot to be desired as well. Also, I have a hard time understanding why Bose, after all these years, still has not produced a 7.1 speaker system. Granted it is not a huge deal for music, and will only be slightly missed for Blu-ray, it still makes little sense. You can run the rear speakers directly from the receiver (to have 7.1),using speakers from your old system if this is an upgrade.