When I was still starting with my HT setup about 5 years ago, I faced the same dillema.
I thought at first that HTIB(Home Theatre In-a-Box) packages are good because of convenience and price.
At that time Surround Bars are almost non-existent (or maybe very expensive).
The more I auditioned different setups (in malls, fellow pdvd members and stores) the more I was able to generalize that most HTIB setups do not sound good for their price. It's either they are cheap but has poor sound quality or has good sound quality but is also quite expensive. So I decided to try separates.
One fellow member advised me to get an entry level receiver and target 2.1 setup first then eventually complete the 5.1 setup as my budget grows along the way.
To cut the long story short, Here is what I came up for 30k budget:
1. Speakers - 1 pair Klipsch SB-2 Bookshelf(4K secondhand from Marketplace)
2. DTX 4.15 15" Subwoofer - 5.5K Groupbuy from Daiichi
3. Denon 1507 5.1 Receiver - 16K (Promo of Sights and Sounds at that time)
4. Pioneer DV600 DVD Player - 5K (Promo from Abenson Makati)
Total: 30.5K
Result: I was totally blown away! (at that time) No HTIB I have heard can match its sound quality at this price!
The only caveat is that it took me some time to complete this, since Im like an eagle here at the forum always waiting for the prey, that little timing and opportunity to get the right gear at great price!
Keywords(have a keen eye on these): promo, secondhand, groupbuy, members with upgradititis
For the technical terms you can't understand at the forum, Google is your friend. Goodluck on your hunt!