OK I've got (just) myself a Samung 46" LCD TV (the LE46M87BD), connected to it (currently) are a Tivo (scart) - with NTL cablebox going into the Tivo, PS2 (scart) and Xbox 360 (HDMI). I may add a PS3 in the future and/or SKY+/V+.

I'm looking to spend about £500 on a 5+.1 Amp and speakers.

With the Xbox I'm perfectly happy for 1080p playback and the TV has 3 HDMI connectors already. This means I don't really need another DVD player or HDMI switching.

The TV has an optical out (Am I right that this can feed pretty much anything to anything?) and Samsungs Anynet+ stuff.

 So whats the best* thing to go for, a Samsung system (although they all seem to come with another DVD player or a purely amp + speaker setup?

Is there any glaring mistake I have made?

 Cheers

Stephen

*Although I understand "best" can be a personal thing.

I suggest you to visit TestFreaks, choose A/V Receivers category and sort models by score.
http://www.testfreaks.co.uk/receivers/?sort=score
Such way you'll see which receivers have the best rating based on expert and user reviews.
P.S. As for me - the best model is Yamaha RX-V2600, hovewer it would cost more than £500...