Advice/ opinions on my theatre set-up

[bigmf]

Finally, I think I've figured out my Home theater.

My budget went out the window. There is no way to put together a decent 7.1 system for $1000 in Canada. It looks like I'll be able to pick up an Onkyo TXSR605 for $700 or less. Also I have a line on the JBL SCS300.7 speaker system for $500. I know these speakers are a little older but these are unused, sealed in factory box. I think this system should be better than any HTIB. I'm sure it won't be the best system in the world either, but it should be a good one.

Also with ony spending $500 on the speakers I could upgrade in a couple of years to a really fine set without too much remorse about the money I sunk on this system. I do not think the Onkyo would need to be replaced anytime soon.

So what say you, audio experts on the site? Is this a good set up or should I look for something else?

My set-up:
Westinghouse 42-w2 1080p LCD
PS3
Onkyo TXSR605 (Next month when it is released)
JBL SCS300.7 surround speaker package (7.1) (Probably should pick it up soon before someone else does)