Absolutely! Most home theatre set ups have the ability to make music sound great, although you will have to pour a little care into getting it sounding great for both your house, and your style of music. For example, if you are listening to acoustic music you would not want the same settings as dance music or heavy metal!
Once you’ve set up your system for watching movies it may be worth sitting down and listening to your favourite album on it. What you’ll probably notice straight away is that it’ll be quite “boomy”. That’s the sub-woofer adding way more bass than most styles of music need. There will be settings that you can adjust on your receiver too that are already set-up for music. Hopefully listening to these you’ll find a setting that you like the sound of. In most cases your receiver will automatically switch to stereo audio for you. There are very few music albums that are recorded in anything other than stereo, which is left and right speakers. (If you get a chance to listen to a copy of Bjork’s 2004 album, "Medulla" recorded in SACD in 5.1-channel advanced resolution on your home theatre, please do, it’s absolutely amazing though as you can imagine, quite odd!).
If you can’t find a setting you like the sound of take the time to program a user setting where available to suit.
If you are really into your music and would be more likely to listen to your tunes instead of watching a movie it may be worth taking this into consideration when first purchasing your AV set-up. All my speaker choices have been made on how they would respond to music as I listen to music 99% of the time.
In short, yes, music can sound great on a home theatre set-up but with anything, it’ll just take a bit of tweaking and possibly even a quick read of the receiver's manual (gasp!).