I have these speakers. Got them at the beginning of the year for $150 but in white. I like them. They allow you to have a cheap Dolby Digital and DTS solution (which is very cool), and when used with a PS2, it rocks. But then again, it's an all-in-one system, and a cheap one at that. It gets loud but not room shaking, over powering loud. Its perfect for PS2 games and DVD movies, but should not be used as the focal point for your home stereo system. I have my larger system upstairs so this package is the perfect compliment to my main system.
Other than lack of real excessive volume, the Yamaha package does suffer from a shortage of inputs. For digital connections, there are both coax and fiber optic connectors, but when you want to use the system in either 4-speaker or two-speaker mode, there are only two headphone jack connectors in the back (one for the front speaker, the other for the surround sound speakers). That's a big minus. Luckily, I had a stereo switch box and some connectors so that I could input different signals (from my Dreamcast and my satellite receiver) through these jacks. It's a hassle, though...unless you were just hooking up a couple of components strictly through the digital ports.
The only other complaint I have is lack of treble/bass controls. I might have away around this as well but it's still something I miss in the system. You do have separate volume controls for the center, subwoofer, and surround sound speakers.
Its not a bad sounding little system. I enjoy it, especially for the price and what it allows me to have out-of-the-box. I think that as a secondary system or a solution for someone who wants more kick to their games without going out and spending a ton, it's well worth the money.
By the way, if you can find the Kenwood 504 speakers system for a reasonable price, its the best packaged system for its price you'll find anywhere. I've never been a fan of Kenwood componenets but its a great little package, perfect for those who want a lot of bang for a little amount of money. Check out those reviews on audioreview.com.
Hope this helped...