The Altec Lansing M602 is an ideal piece of equipment for any living room. At its most basic level, it is a basic speaker which offers good value for money, especially if given as a present to students who may use it to throw parties in environments where it may be easily damaged.
The speakers themselves are well-constructed, with a connected dock allowing for an iPod to be connected and charged while playing. Setup and playing music through the speakers is a simple, no-nonsense process. There is also a 3.5mm jack for those who wish to play from a different output source. However, if your primary input device is not an iPod, you should really be investing your money elsewhere.
The sound quality is good for the money. The speakers are loud and come with a small remote controller which will allow basic operations like fast-forwarding, rewinding, volume up/down etc. Quality-wise, they are good in normal pitch ranges. At the more extreme ends of the spectrum (eg soprano highs), cracking becomes very noticeable. This also happens at very loud volumes, although you'd have to be pretty deaf to be listening to music at the volumes where cracking occurs.
Overall, if you're looking for a decent living room accessory which will allow you to play music while you lounge/entertain, this is for you. However, if sound quality is very important to you, you might want to look elsewhere.