Welcome alsonot. I think that will be an exellent setup for your purposes. The EP350 will really fill in the bottom end for music and will do a good job on movies. In fact, the M22+ EP350 sounds like a full range floor standing speaker.
I am running M80s with dual M2s as centers and I am completely amazed by the clarity of dialog on movies. That is one thing that has always bugged me about sound from conventional TVs. Sometimes the dialog gets muddy.
I listened to bits of LOTR on the VP150 at Axiom as well and it gave the same clean clear dialog. From what others here have posted there is not a lot of difference between it and the 150. You will get great dialog!
I listened to music on the M22 with the EP350 at Axiom in a 20x12x8 room and they had no problem filling the room with headroom to spare (80-85db). I expect you could easily push them to 95-100db (very loud).
