Ryder - My preliminary findings with my newly acquired M-40.1's are similar to what you describe as most notable characteristics with the SHL5's, with the exception of bass response. I'm looking forward to getting a bit more top end extension and sparkle once my Skylan stands arrive and the 40.1's are properly dialed in. Bass response with the 40.1's is quite robust, full and nicely detailed... I definitely won't be in the market for a subwoofer as long as I have these speakers!
What amplifier for Harbeth HL-5?
I recently bought a pair of Harbeth HL-5, and I think they are just great speakers: great midrange, great (but not excessive) detail, overall addictive. I currently drive them with a Shindo Monbrison preamp and an EAR 890 power amp. I also tried my second system's amplifier, an EAR 859, and despite its low power (13WPC), it drives them very well. Actually, it is hard to tell the difference between the EAR 859 and the Monbrison + EAR 890 combination, except that the former is slightly more forward. But my ears could hear very little difference between the two systems, which is surprising given the significant price difference. Since I think that I will keep them for a while, I would be curious to hear others' experiences with electronics for the HL-5.