I think that Bose are not highly regarded by audiophiles for two reasons. The first reason may not be a concern to you in your situation. The second may be.
The first reason why audiophiles generally do not give Bose much regard is because the high end is not their target market. They're targeting the mass market crowd who want convenience and lifestyle products. I like to think of Bose as a downscale Bang and Olufsen. My in-laws have Bose equipment. They love it. They have those little satellites on top of their bookcases. You know ...the ones that look like stacked dice, with a sub in the corner behind the recliner. They play the thing in the backgound while they read the paper. They also have a combo wave radio/CD player that they play while cooking or washing dishes. Soundstaging,...forget it. Imaging,...forget it. Spectral imbalance with boomy bass,...got it. It's not high end. But it's convenient and has sound that they think is fine for how they listen to it, and it does. Now if this is all you need, something for background music in a party room, or something for the kids in a family room, then you're the market Bose have targeted and they have what you need. If audiophiles don't like Bose for the reason that they target a different market, it doesn't matter to you. You may fit their market profile for your particular application. They have what you want.
The second reason why Bose is not generally highly regarded around here is more of a concern however. It is a question of what you get for the money. Even if you are in Bose's target market, the odds are pretty good that you can get more for your money.
You're talking about spending $1000-$1200. There are two approaches to this. First, for the same money as the Bose, you could get something much better. Or, second, you could get the same quality as the Bose for half as much from another manufacturer.
Take the first approach. Look at what Pabelson suggests. You can buy a DVD player and HT receiver from a mass market manufacturer, and add some two way speakers like the Paradigms (PSB would also be good). Much better than Bose for the same money. Or if the wireless is a key feature for you, Sony, Panasonic and others offer HT packages with wireless two way speakers at the same price point, about $1000-$1200.
The second approach is the HT in a box, again from the mass market manufacturer of your choice. Something like what Matchstikman suggests above. The speakers will be single driver satellites, not as good as in the first approach, but the same quality as the Bose you're looking at, at half the price.
If I was buying something primarily for the kids, or for a party room, I'd save the money and get the HT in a box (second approach above). Same quality as Bose at half the price. If, on the other hand, you do want to enjoy an occasional movie yourself, and if money isn't overly critical, then the first approach is good. At the same price point as the Bose, you can get a significant upgrade is quality, even with the wireless system from another manufacturer.
