Hehe, I just did both - upgraded speakers (pair of Sierras) and went to HD-DVD (Tosh A2).
If I had to decide between one or the other, I think I would go with the speaker upgrade. I definitely have more time on the speakers than on the HD-DVD player. Besides, get the big cost out of the way, wait a month and then add on a little (relative) cost (i.e. the HD-DVD player).



Mitch