We have M60s, VP150, and QS8s that we use with DVD-Audio and think it sounds great. We recently got a set of 5 M22s to use for DVD-Audio since you are supposed to use a matched set of speakers. We haven't got them hooked up yet, as we still need to get stands.
To answer your questions:
1) No you shoulnd't be damaging your speakers, they just won't reproduce the low bass.
2) With our current setup we don't feel like we are missing anything, but we could be. We are planning on getting a new receiver that has DVD-A bass management or getting an Outlaw ICBM to handle it.
DVD-Audio on Axiom speakers sure does sound great though!
Michael
