When I was a young fruit, I believed Bose to be the end-all audio system. My views have changed slightly as I've aged. I don't believe it to be the end-all, but I'm partial to Sonus Faber currently. I've heard their Cremona Auditor M. Mmm.
Well, I guess I should have answered a few more questions. (Glen, I'm not sure if you remember me. I very much appreciated your time writing to me previously. I bear in mind many things which you were the first to tell me. Thanks many times over.) The band members are age 18-21, and we generally play moderately unknown worship songs with our own twist, usually for church events of one sort or another. We'd like to be writing our own music and recording it as well, but I'd also like to practice two hours a day and save 25% of my gross income for retirement, and both of which get pushed back
far too regularly.

All four of the others are in college, working little or not at all. I'm the only one not in school, and I'm not able to work more than my current part time job because of medical complications. So money is tight, especially with Caribou Coffee, movie theaters, text message plans, and other cultural bonds that rob us of our spending money.
As for gear, we just bought a 3 month old A&H
GL2400 24-channel mixer, used briefly by the largest children's theatre in this hemisphere for a rock show and then priced to move because of unexpected cash-flow issues. I didn't mind.

I was able to get it for $1300 ($2000 new) as well as a tour of the theatre, a potential internship, a contact in the metro area for future reference, and even a potential buyer if we decide to sell the board for some reason. They really liked it.
I bought a R0de NT1-A out of my own pocket, along with a good quality steel pop filter. I personally own a modest collection of mic and instrument cables; the cheap Nady amp, speakers, and mics I may have mentioned; a Taylor 714CE acoustic guitar; a lower-line Charvel electric guitar (one of the very last lines before Mr. Jackson lost Jackson/Charvel to his wife in his divorce ... details are hazy ... correct if necessary ...); Vox AD30VT electric modeling amp with effects; 88-key Yamaha unweighted workstation/digital piano; and an E-MU 0404 soundcard. Also, my brother has been borrowing a drum set for two years that we've added to, and the other band members have their various instruments and amps.
So we've got a modest studio in a bedroom-sized finished room in the basement, and the other houses are far enough away that things can be loud (for the others, I wear earplugs

). The room is mostly untreated. It is carpeted with standard Sheetrock walls and ceiling. I've got quilts and a little carpet covering the better part of broad, reflective surfaces, but I'm well aware that doesn't do much, if anything. I visited a local foam supplier and was quoted $16 for a 2' by 2' foam square with 1" ridges, and $25 for a square the same size with 4" ridges. I guess I could get decent un-ridged foam of the size for $10.40, but I don't know if there are any advantages to foam if it doesn't increase the surface area. I haven't looked in to fiberglass panels or bass traps as of yet. I'm afraid the band will leave me on my own to pay for any room treatment, even though it will have a dramatic effect on our recordings. So I've begun to collect egg cartons, and I only have a few of those so far.
As for what I was doing when testing the speakers, just listening to red-book CDs through the CD-ROM drive using the soundcard's DAC through a two-channel, audio-only receiver with the sound as unaltered as possible by tone controls and the like. I primarily listened to jazz with female vocals (Stacey Kent) and a piano-rock band I favor (Keane). I listened to a little generic-but-good Christian rock and a little Coldplay, but this test was abbreviated. I'm certainly not an expert, or what some would describe as having 'golden ears', but I believe I've trained my soft, peach-colored antennae to pick audible things that Plumber Joe (snicker) wouldn't be able to hear. That said, I can normally arrive to my own conclusions of a pair of speakers (and the gear it's running through) given an hour and a half or so, including much more variety in music than a little jazz and rock.
One last note: I don't know how much it came across, but I was trying to express that the Bose drivers sounded the best of the lot I tested. The tweeters were just excessively out of balance to the woofers if you did manage to worm your way across the floor into their odd, low sweet spot. So if the speakers were balanced and aimed conventionally, they'd actually be the best of the lot, I believe. No bad press in this instance.
Edit: Roughly 8 months ago, I was interested in getting a pair of
Wharfedale Diamond 8.1 or 8.2 speakers. If I recall correctly, they were virtually identical to the Quad 11l and 12l, differences lying in the finish and whether the front or back was ported, but drivers and circuitry supposedly identical for a far cheaper price. My brother just reminded me about them now, and I looked them up, but Wharfedale moved on to the Diamond 9.1 and 9.2, which appear to be passive. I checked back and the Diamond 8 series looks to be passive as well. I thought being active was one of the major selling points for me, but I must be remembering wrong?