Yes, start slow is the standard advice. Build up from a receiver (AVR) with quality pair of bookshelves, add speakers as budget allows. But, that wasn't the question. The question was HT for $1500.

Bam! I give you potent and impressive 7.1 HT for $1500:

JVC digital reciever with HDMI switching and free shipping for $399: http://www.crutchfield.com/S-pJ1Z3nn...0&I=257RXD412B
Three pairs of Infinity Primus 150s with mounting brackets included for $450:http://www.crutchfield.com/S-pJ1Z3nn...7900&I=108P150

Infinity C25 Center for $125: http://www.crutchfield.com/S-pJ1Z3nn...2100&I=108PC25

12" Titanic for $458 http://www.partsexpress.com/pe/showd...number=300-762 Admittedly, I put alot of budget here because it will give great viceral impact for movie watching.

That leaves $32 for speaker wire: http://www.partsexpress.com/pe/showd...number=100-021

Stands for you fronts: $29 http://www.partsexpress.com/pe/showd...number=240-740

and I'm over budget by $20, but you still need the sub cable:http://www.partsexpress.com/pe/showd...number=181-642

Bam! One mother of an HT that no HTiB will approach for $1500.