I’m upgrading from a Vizio 5.1 soundbar because the stimmy money is burning a hole in my pocket. Does anyone have any experience with the Klipsch Reference Dolby Atmos speakers? Getting 2 R-625FA Tower Speakers, 2 R-41M Bookshelf Speakers,
1 R-52C Center Channel Speaker, and 2
R-12SW Reference Powered Subwoofers for just under $1k. I guess I’m building a 5.2.2 HT system. Just need a decent 7.2 receiver. Found a Denon AVR-S750H 7.2-Channel 4K AV Receiver for $400. Getting good speaker wire and 2.1 HDMI cables now. Have a Sony X90CH in 65” and Xbox Series X. Does this setup look like it’ll do the job and make me smile? Any input from the hive would be great.

I have tons of Klipsch stuff and it's good to go. If you are not afraid of a little bit work I would recommend to put together your own subwoofer (link below)
They offer a plug and play enclosure you just gotta put it together. The Crown XLS 1002 (300 bucks) is a good amplifier to drive it. This will give you about 2 x bang for the buck and if you want to go crazy you can add a second one.
https://www.parts-express.com/Dayton-Audio-UM18-22-18-Ultimax-DVC-Subwoofer-2-ohms-Per-Co-295-518

Oh and for the Atmos ready receiver - check out the Onkyo stuff - pretty solid and not too expensive.

Thanks! Trying to keep it under $1500 total on the sound side. I should have stated that in the OP.

Also, since my TV area isn’t in an enclosed room, it’s a open floor plan house with vaulted ceilings, going with 2 12’s might be good enough I hope. We are “possibly” going to start to looking for a slightly larger home with an actual theater room in the next 3-5 years. I’ll go bigger then.

Have you defined what is "good enough"?  A few years ago I found a deal on a pair of SVS Plus 12" drivers and cloned the biggest passive cylinder subs.  In a 12x20 room and each sub getting 400w, I could not reach as low and loud as I wanted.  I went back to my 15's that are similar to this http://www.danmarx.org/audioinnovation/tc3000.html

The recommendation for the Crown XLS is spot on.  I use 1 XLS 1000 to power my left and right speakers and one channel of a 2nd for my center.  Since the speakers are 4 ohm, the XLS is capable of pushing up to 375w to each speaker.