A 220 sq.ft. room is roughly 14' x 16', right? How far away from the speakers is your listening position? If it's 10 feet or less, the M60s might not be the best option for you. While the M60s are definitely a fantastic speaker, what may fit your room and budget best right now are the M22s. Don't let the small(ish) size fool you. These suckers play LOUD and CLEAR and if paired with a good sub are no worse at laying you flat on your back M50s and M60s. The benefit of buying the M22s is that you have a nice chunk of change left over to spend on that subwoofer and surround speakers.
For a sub, I'd recommend the Hsu STF-2. You can't beat the price, especially if you run out to CompUSA and grab one before they run out!
As far as surrounds and the center go, if you've got the money buy the VP150 and QS8s. If you're running out of money, step down to the VP100 and QS4s. They're not as good as their bigger counterparts, but they're still great and cost significantly less.
I hope this helps you on your way to Axiom heaven.
