Most of my investment has gone to my TV, which cost more than everything else combined.
TV: Pioneer Pro-101FD
Receiver: Onkyo 606 (mostly for aggregating all the audio connections, as I usually pass video straight to the TV)
Speakers: Energy Classic 5.1 thingies. I can't really tell the difference between different speaker setups, so I went with a nice inexpensive system that got good reviews.
Blu-Ray: PS3, but it doesn't get used because of the next item.
HTPC: Mac Mini w/ Plex -- I have a 4 TB NAS in the basement that streams all media. Everything I own is ripped and re-encoded if necessary. I never watch discs directly anymore; I just rip them immediately and toss them in the drawer.
Gaming: Xbox 360 & PS3 (I rarely use my 360 anymore since it's a launch unit that sounds like a leafblower, and even my PS3 hasn't been on in months).
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