I can only speak for my HT: I have a Denon 4802 (flagshipish receiver), paradigm monitor 7 and SVS20-39PC, run of the mill HT by HTF standards. I love my setup, it's enough for my needs, but most decent theaters are definitely superior in terms of sound quality.
I had a good occasion to compare during the
FOTR:EE theatrical release, which had been out on DVD for more than a year, and which I was very familiar with. I saw it in a theater which I consider decent to good, but not great. My main issue with this particular venue is the relatively unimpressive bass, compared to my favorite theater(s). My SVS definitely goes lower, and surround activity
might be more pronounced in my HT (not necessarely a good thing) but that's it. In terms of sound clarity, detail, crispness, the theater was definitely better. The overused phrase "I heard things I never heard before" applies. The soundstage was much more balanced and uniform, as if it were a wall of sound. The acoustics of a large room add a very pleasant spatiality and scope as well. These are things I don't get in my living room.
My favorite theaters have earth shattering bass that make ME vibrate. SVS can't do that in my room.
About overall volume, I have to significantly raise my voice during loud scenes in the theater to talk to the person next to me. I don't do that at home at my usual listening levels.
But then again, it could be that my HT sucks

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I have a Klipsch/Harman Kardon rig, and on some movies, it nearly rips the room apart, where as the SAME movie in the theater was loud, but seemed to lack some of the edge.
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I don't know what HK sounds like but Klipsch speakers are notoriously (excessively?) bright and dynamic, I used to own them. Despite the fact that theaters use horns as well, having them at home up close can definitely make theaters sound dull.
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H