The included receiver provides the power and connections for both the speakers and subwoofer, and includes 4 HDMI inputs, two component video inputs, several composite video inputs, and both analog and digital audio input connections. In addition, you can connect an iPod or iPhone directly to the front mounted USB port for access to stored music content.
If you have a Blu-ray Disc player, the receiver section can decode both Dolby TrueHD and DTS-HD Master Audio. Also, if your new TV supports Audio Return Channel, the HT-S3500 has you covered. In fact, the system even displays its onscreen menu system via HDMI connection to your TV - this isn't always something that is included in a basic system at this price range.
The HT-S3500 doesn't pretend to be a high home theater system - you aren't going to get high-end features such internet streaming or video upscaling, but for the price, it can certainly provide an inexpensive surround sound option for a small or average size room that can enhance your TV viewing experience.
For additional suggestions, check out my list of Home Theater-in-a-Box Systems.