I recently bought one of these LG HB44S systems and for the money it is really good value. The unit itself is quite neat and the speakers like most LG gear look great in a nice slick black design.
Audio wise the speakers sound great, despite being only 2.1, the system has a big expansive sound and the subwoofer bass is terrific as it really gets thumpingly loud when you need it, as I've tried quite a few Blu-ray discs such as The Matrix which sounds very impressive. I also tried the Lord of the Rings DVD trilogy and again the sound quality and bass is quite incredible.
The Blu-ray player itself is pretty neat and small and has a terrific picture as DVDs and Blu-ray discs look terrific and really sharp. The player can also play lots of different formats such as Divx, mkv, mp3, mpeg, etc.
The only snags I've found with the system are very occassionally you do get a little bit of distortion from the speakers with voices in movies with very loud scenes, but this is very slight and minimal. It might also have to do with the volume and placement of the speakers as I have them quite close either side of my TV, so probably a good idea to move them a bit further away. The other slight snag is the player's cooling unit kicks in for quite a while, its not that loud, but you can hear it if you are watching a quiet part of a movie or TV show. But again it is fairly quiet and after a while you probably won't notice it.
Apart from that the LG HB44S is a really good buy for the money and if you want a home cinema system and aren't too fussed about 5.1 surround, then this is for you.