I would imagine the HT System would offer better quality, but for a small living room, would the Logitech be any good to connect directly to my TV and/or Blu-Ray Player instead of using it on a computer?
Sorry if this is an odd question, or "noob" question, as it were, but I really just want to know more specifics about the differences.
Inexpensive speakers for a HT system or PC surround, either way they are low quality.
At least with the HT system in this case it comes with a receiver which other more options in terms of inputs, configuring the sound, possible speaker upgrades and etc.
Even though you have a small living room, PC speakers of this type may not work. PC speakers for the most part are made to be near you while listening. It depends how far away from the speakers.
If I was just starting out and building a HT system, I would buy a decent used receiver( amps and pre-amp in my case) and speakers( most important is the center and 2 fronts, then add a sub and rears last). Check out some audio stores (or even thrift stores, I have found some mid to high end stuff at thrift stores for really cheap) that sell used equipment and give it a listen. Plus most give you a trade in option where they give you full value when you trade in your stuff for other equipment or upgrading your system.
In short you might be happy with the PC speakers but this HT system is a little better. But if you want to save some money go for the PC speakers.
The home theater system designer would assume that you sit much further away from your TV then a PC user will sit from their monitor so they would emphasis near field performance, the home theater far field performance. As the Prisoner says go with the HT if you can.