I want near top quality for a small room, but I don't want to spend alot of money. This is what I'm currently thinking:
Outlaw 1070 A/V Receiver
A pair of Axiom M3s
SVS PB10-NSD Sub
Axiom VP100 Center
Axiom Qs4 V2 Surrounds (Going for 5.1 at first, maybe eventually 7.1)

I realize I'd probably be perfectly satisfied with a cheaper A/V receiver, but I'm not sure what the best choice would be. Also wondering if I'm off the mark with any of the other components (I'm new to this.) Any suggestions on how to cut costs without sacrificing much quality? Thanks in advance!

Purchase your speakers from the Factory Outlet and you'll save 10%. Buy any 5 products (speakers, cables, stands, brackets, etc.) and you get an additional 5% off, for a total discount of 15%.

Johnny, welcome. To help out that budget, if possible make use of the 10% and 5% discounts that Jack mentioned. Next, unless there's some feature of the 1070 that you really want, there're receivers available for around $400 that should serve you very well(there's no "best"); I'd suggest that you consider the Onkyo 604 and Yamaha 5890.

Although I've suggested passing up Outlaw for the receiver, you should consider their LFM-2 sub for $300, which would be excellent except in a very large room.

From Axiom, definitely go with the QS4s. For the front speakers I'd suggest M22 mains and a vertical M2 center, for a few dollars more than what you're now considering.

Hey,
I was curious myself about the receiver that JohnK listed above, the yamaha 5890. I found out that model is no longer from yamaha's current lineup... Now it may have been an excellent one from the previous generation, but I haven't looked into that. I'd have to ask JohnK about that one . The one that I picked up recently is the Yamaha HTR-5960. A very similar model, the RX-V659, got an excellent review at Audioholics. The only difference between these two models is the faceplate setup and that the 5960 does not have discrete zone 2 capabilities. Otherwise they are exactly the same.

I've heard that guys in the US can have either of these for around $330-400, while I got an 'excellent' deal of $555 here in Canada (the MSRP is $700 CDN ).

It's just another alternative for you to look at.

That's kinda funny, the receiver models you guys mentioned are ones I was already randomly considering. I have to ask, why an M2 for the center? Wouldn't the VP100 perform better there? Or is it just that cheap? :P

Edit: Oh wait, I forgot the M2's are priced per pair on the main product page.

The cheapest I've seen the RX-V659 in the States was for 299.00, don't know why our neighbors up North have to pay so much more, many US dealers ship to Canada and even with the shipping charges you would still save cash.

I was hoping it would be a lot cheaper then buying in Canada, but found that duties can be nuts. I think it was going to be upwards of $150 for duties and shipping, and that was buying from a non-authorized yamaha dealer (about $330 for the unit), so no warranty. In the end I decided it wasn't worth it once I found that good deal at bestbuy.