I've seen inexpensive home theater packages before, but I've never seen one with this much power. At 60W/channel and a 50W sub this would be enough juice for a medium-sized room.
If you've got a 12x12 space (or less) you might want to jump on this deal. Dolby Digital 5.1 makes a huge difference (especially for movies).

Philips MX955 350W Home Theatre Minisystem