So this is basically a cheap solution or alternative to surround sound?

I'm a spaz when it comes to sound. I have a 'woofer and five satellites of some brand I can't recall set up to an Onkyo thingamajig (receiver?), for the TV. I know it's enough to make every apartment around me complain if I watch an intense movie like Star Wars (constant effects, noises and music).

I suppose this thing would be suitable for a small two bedroom apartment where you don't have space to hang satellites or actual big-ass speakers everywhere?