If you already have the DVD player , satellite receiver, etc. and are just looking for the speakers and amplifier then I would recommend the following:
http://www.memoryexpress.com/index.p...4975&SID=86440
This is a computer speaker system, but I use mine for home theatre and am very happy with it. I am not an audiophile, but it seems to sound basically as good as my previous $1000+ system (at least for movies). I bought it because I needed a system with small speakers that would fit into a very snug home theatre room. I also didn't want to spend a ton of money, but wanted something that would recreate a movie theatre experience with good bass.
With that said, the subwoofer in this system is a bit of a beast, and is probably overkill for most people. It's a 10" speaker in a big black cube case with the system amp built into the back. (Pretty much the same size as a small end table). I have it turned almost all the way down, anything over the halfway mark and I would shake the pictures off the wall. It puts out very clear sound though, and the system as a whole seems to have good power without any distortion.
If you need to buy the dvd player as well, then the box system is probably the only way to go, as the logitech system is already at your $350 limit. The Phillips box sounds like it might be ok, and it has inputs and outputs that should allow you to connect in your satellite and projector.
I don't think you can really judge any sound equipment by its specs. (Other than making sure it isn't obviously mickey mouse, ie less than 50W per channel). Look for reviews online, and failing that, find the one that you like best, try it out, and return it if you don't like it. Just make sure you buy from a place with a decent return policy. (Memory Express is one week I believe).