T.Y.:
What you're describing sounds alot like the Tivoli Audio, Henry Kloss Model One Radio (quality mono all in one radio with 3" speaker for $100 USD). They have a whole line of products that expand the concept into adding a CD player, powered sub, and second (stereo) speaker. IMO, the beauty in the design is ruined when all those components are added.
From what I've read, the Norh SE-9 would be a better amp to start with than the ASL Waves (better sound, single box, pre amp functions included). A compact design using the Jordan 92S are commerically available and the Jordan site has plans for small speakers that tuck into the corners of your space. Throw in one of the new inexpensive Pioneer disc players and you'd have a nice, relatively small system (for around $1,000 USD if you build your own speaker cabinets).
A 4" x 7" 20 wpc class D stereo power amp is available for $400 USD. Add a CD player with volume control and you'd have a second option.
Check out JOB (a Swiss company that makes small amps, pre amps, and DAC's). They also offer a small dipole type of stereo speaker in a single cabinet.
jeff