Help with Sony Bravia 5.1 System

[bns1201]

I have a 32'' Bravia TV and a PS3....now i just need to complete the circle. Lemme just say i'm 18 and going to college. and there are things i need help with. Namely, this surround sound system.

http://www.bestbuy.com/site/olspage....#productdetail
http://www.sonystyle.com/webapp/wcs/...52921665186457

1. Is this a good system that will last me 5-7 years?
2. Would this be good enough for say a 12' x 10' room? and do the speakers have long enough cords so that i can wrap them around my room on say...the roof?
3. Does this $350 5.1 system give you the bang for the buck?
4. Would you get it for your first surround sound system?

Thanks a lot ahead of time, I hope some of you can answer my questions, and steer me in a right direction. If not, please show me a good system <$400 that doesn't have a dvd player, just a speaker system/receiver deal. Thanks again.