I love keeping up with everyone's systems in this thread! There are always great examples of creativity and ingenuity as people find the best way to use their chosen gear. I'm still listening to headphones most of the time as I work at my desk (HD650 and HD600 through the DAC2 HGC), but I've been putting quite a bit of work into my 2-channel rig as well. Sharing my love for music with friends and family works well with headphones, but I've found it is also nice to be able to set them on the couch and exchange comments as we listen to the speakers as well.
This system has evolved quite a bit, but it currently comprises of:
Salk Sound HT2-TL
AVA Fet Valve 600R
Benchmark DAC2 HGC
Linn Sondek LP12 (30+ years old, refurbished by Tom O'Keefe)
Bottlehead Eros phono stage (customized)
Headphones are currently:
HD650
HD600
Although I'm shoe-horned into a corner of our unfinished basement, it's amazing how good the space sounds. I credit the rugs, soft furnishings, media on the walls, and the orientation of the ceiling joists. I don't currently use any purpose-built sound treatments.