I walked this path a few years ago - I too was drawn to the Bose Wave. The thing that put me off was flexibility (lack of).
After a bit of research, I ended up buying an Onkyo CR515DAB receiver with a pair of Q-Acoustic 1010 speakers. Not the biggest, loudest or most expensive system, but sounds great in my living room. I have the matching iPod dock which works a treat with my iPod Classic, and I have the TV connected to a Line-In - again, not as good as a full-on home cinema setup but way better than the built-in speakers on the TV.
if there is a downside, it's that I'm now toying with buying a turntable and it doesn't have a Phono-in, so I'll have to get a pre-amp to use one of the Line inputs, but at least it's "do-able"....
Looks like the CR-555DAB is the current equivalent, and it takes an iPod dock.
Just another option to consider......