That's a hard one. I ended up getting the most enjoyment out of :
Step 1 -- mains and a good sub (and then a better sub
)
Step 2 -- center and surrounds
Step 3 -- projection TV (not yet in budget)
My "good TV" is still a 27" department-store Sanyo, now temporarily replaced with a borrowed 32", also department-store grade. There seem to be lots of people getting rid of 32" CRTs or sticking them in a corner, ask around.
In my case, though, I am more likely to replay something, close my eyes and listen to the sound than I am to replay something and pick up nuances from the picture, even on a high end well balanced system.
Other people will tell you different, since they get more enjoyment out of "a glorious picture" than "glorious sound". It's really going to depend on what you get the most enjoyment from.
I think you are doing the right thing, though, by picking up one piece at a time but getting something that you will be happy with for a while.
In general, electronics (including projectors and RPTVs) are getting cheaper and better every year, at an alarming pace, while speakers, amplifiers and high power receivers are not. There is a strong argument for delaying the purchase of the parts which will be less expensive and better by the time you eventually buy them.
If you want "logic", get the speakers now and get the TV later. Having said that, if you're pretty sure you and family will get more enjoyment out "a better TV" than "better sound", go with the TV anyways.
EDIT -- go with at least the STF-2 over the 1. Trust me on this. The STF-1 is a great sub but it doesn't go as deep as the STF-2, and once you have everything else nice IMO the STF-1 will be the weak link. If you are always going to be listening at "tasteful" volumes the STF-1 will do you fine, but if you are going to "crank it" on occasion unless your room is tiny I would think hard about the VTF-3
