Do other recordings sound like crap on the other playback system (not the Alesis M1s)?
I'd check out your mix on another stereo just to be sure. It can't be your monitors, I've heard M1s first hand and they sound pretty impressive.
What are you mixing to .. tape? If so, don't encode any noise reduction on it ... maybe your playback deck doesn't support the same format (that's a shot in the dark, though).
Get your favorite CD and play it through your M1s and then through the playback stereo ... if you get a similar effect ... then, the problem is with the playback stereo. In which case, leave it alone ... that is the system you want to make the mix sound good on, not the M1s. Chances are real good that people will play your mix on much worse systems than that.
I have to be honest, though ... I really really really want to blame your Peavey amp. I have yet to find any Peavey gear that is suitable for a recording application (other than perhaps the VMP2 preamp or VCL2 comp).
Here, try this ...
Grab the amp/receiver from the other playback system and use that to feed your M1s and see if it sounds any better (make sure your power/impedence matches).
If it sounds better ... get in your truck (or a friend's truck) and roll over that Peavey once or twice ... that should fix the problem.
Good luck!
[This message has been edited by BigKahuna (edited 03-10-2000).]