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I have the L5s and am very happy with them; there is a pair currently on Audiogon. The truth is there apparently were not many pairs of the L series in the US; I bought mine with no audition based on extensive research. I considered applying for a dealership but the M series is out of the price range that would sell here in the backwoods of audio. They are not easy to drive but are a real bargain used; really handsome as well.
My current reference is the S7s. After using Quads for the past 25 years,I auditioned a pair over at KT Audio and fell in love with the sound. These are full range and easier to place in my current audio room than Quads. I am still a Quad lover but the Gamuts are also special. The cabinet construction on the S series are different from the rest. The difference between the L and M models seem similar. You will have to ask Tom(KT audio) or Lars(Gamut) what is the difference ?. The L7s and L5s thats up for sale now here are a very sweet deal. I dont think you can find better for the price. All of the Gamut products are excellent but you may find that their speakers are their crowning glory.
When I looked at the M5s it appears to me that they are not the equal of the L series. They are actually cheaper and the cabinet work does not appear to be as good; square rather than rounded as the Ls are. Also the M5 appears to have the same drivers as the L5 [ same size at least] but is 20 to 25 lb lighter. Go for the Ls if you can find one.
L7s were my primary speaker for about 6 years until I replaced them with YG. I also owned the L3. Impressive speakers, both. The L7s are a bit difficult to place properly with their dual ported bass but once you dial them in they present a rewarding soundstage. They were surprisingly easy to drive considering their size. What most impressed me was their ability to play at volumes that would induce deafness without a hint of stress on the speakers. Hard to find a speaker that plays intricate classical musically delicately and accurately but then allow you to put on heavy metal and have the police visiting. I recently heard the SR3 and simply could not believe the astonishing bass that little unit can put out. I guess it should do something amazing for$20k list. My L7s were also the finest piece of furniture I ever owned.