Like me, yours was probably a result of some items you had on hand but with the addition of a new receiver. I was always very pleased with the results (particularly with great DTS DVD titles such as Saving Private Ryan):
Sanyo 32 inch TV
Pioneer Elite VSX-21 receiver (two channels failed after just two years; replaced with Denon 3802)
Pioneer DV-525
Onkyo 6 disc CD player
Bose Acoustimass 5 for front left and right (double cubes) on Bose stands
Def Tech ProCenter C2
Acoustic Energy Aegis One bookshelves for rears (on those IKEA folding steel stands)
Hsu VTF-3 sub

Today: M80 fronts, VP180, M22 rears, EP800, Rotel 1570/1575, PS3 (original release), Rotel 1520 CD player, Oppo BDP-83, Onkyo T-4555 tuner, Roku HD player... and just a 37 inch Sony 3LCD TV (yes, I'm more into the ultimate sound)

Please share your first setup!!

My first was/is my Axiom setup. Zero to warp 10 in the blink of an eye.

Sony DAV-DX315 "1000W" Home Theatre in a Box... 1000W @ 10% THD :-/

Link:
http://esupport.sony.com/US/perl/model-home.pl?mdl=DAVDX315&LOC=3


Today:
M22, QS8s and a Denon AVR 1910 in a 4.0 System. Sub and Centre to follow some day.

snazzed

My first setup was:

Panasonic 32SF27: 32" SUPERFLAT TV
Sony DVPS7700
Polk RT5000 speaker system: At the time this had the largest center channel I had ever seen..UNTIL NOW
Velodyne 15" Sub
All cables were good ol Monster Cable... LOL

Today:
Elite 151
Denon 4810
OPPO BDP83
M80's: JUST ARRIVED YESTERDAY
VP-180: WILL BE HERE THURSDAY..:
M2 inwalls for front height channels.
M22 inwalls for rear speakers.

This is my first setup, but as you can see, one step at the time...
I don't believe in buying stuff that you will need to replace within a short period of time, but that's just me. As someone once told me, buy the best you can afford.

I had a Pioneer receiver with stereo, analog inputs, and Dolby Prologic (not II) processing that had left, right, center, and two surround outputs (old Prologic only sent the same signal to both of the surrounds). I had Fisher mains (12" woofers with 12" passive radiators), and Pioneer center/surrounds. That would have been in 1992 or so. Used this setup with a JVC S-VHS HiFi VCR. Displaying on a 28" Sony Trinitron TV. I hadn't even graduated high school yet (paid for with proceeds of delivering news papers for 7 years).

In 1998 I upgraded to a Sony receiver, and all Sony speakers, including a sub. This receiver had digital inputs and understood Dolby Digital and DTS for true 5.1. It still only had Prologic processing for stereo signals, as version II wouldn't show up until 2000. Sony DVD player, until it broke, then I used a PS2 as my player, until it began to wear out, moved to an original Xbox for a while, until I got my DV-79AVi. Most of this time I was using a 36" Sony Wega, but substituted in a 32" View Sonic LCD TV for a bit while saving up for a Kuro. This system started when I was in college.

I'm back to Pioneer now, having bought the 1018 in 2008. Running 7.1 now. Still have some of the Sony speakers (waiting to be replaced). The Kuro is my display, and the PS3 is my primary player, but still have the Pioneer Elite DVD player for DVD-Audio discs.

1976-1980: (Was stolen and never replaced)
Bose 4 channel 250 WPC power amp (Don't remember model number)
2 Bose 901 Series II speakers.
Soundcraftsman stereo pre-amp/10 band per channel Equalizer.
Techniques Turntable with Shure cartridge.
Kenwood receiver.

2005-2009:
27 inch Westinghouse LCD TV.
Sony Home Theater in a Box, called Dream Machine, with wires going up the wall inside those narrow hard plastic housings.

2009-2010:
Samsung LN37B550 37 inch LCD TV.
Pioneer Elite VSX-21TXH receiver.
Panasonic DMP-BD30 (oldest piece, used with HTIB when the player in it went out)
Monster HDP-1800 power conditioner/surge suppressor.
All Axiom speakers: Bookshelf M22v2 + On-wall M22v2 + On/In-wall VP100v2 + EP350.
Axoim speaker wire and dual banana plugs.
Monster mini banana plugs.

Planned acquisition to replace existing equipment:
Axiom On-wall M2v3 to replace the On-wall M22v2. (Mounted above Bookshelf M22)
Axiom full metal brackets for M22.
Used VP150v2 (Boston Cherry) to replace the On/In-wall VP100v2.
New Blu-ray player.
46 inch plasma.

Harman Kardon AVR 20 receiver
JBL L3 floor standing speakers
JBL center
Bose dunno which book shelf speakers for rear surrounds
Velodyne 10" sub
Toshiba VCR Hitachi VCR [memory fart]
Sony 36"

Thought it was great.

Sony 5.1 Speakers but with some Harmon Kardon bookshelves for fronts. A Panasonic receiver that is still in use as my stereo unit today.

The speakers impressed me at the time and it's all I really had room for in my first house, but it's all relative, I could never go back. Although the HKs were nice little speakers and will serve as rear channels when my 7.1 room is finished.

Sony 5.1 w/prologic Dxx915(can't really remember the model number) and a Sony VCR.
Bose 201's as mains and Sony center and surrounds with a D-Box 12" sub I bought from Costco.

Upgraded the center and surrounds to VP100 and QS4s only to find the Bose's sounding muddy and muffled. My wife told me I had to upgrade them, so I bought the M22's.

Now Running M80s, VP150, QS8's and an SVS PB13 Ultra sub. I am using a Denon 3808 to drive them all with. Just using a Samsung 1400 BR player to send the movies over and I stream all my music from my NAS to the 3808.