Arti, welcome back(whoever you formerly were). My first suggestion, which I view as more important than the M22/M60 question, since they're very similar from the mid-bass on up, is to definitely get QS surrounds along with your mains. You can at least temporarily get along without a sub or separate center speaker, but without surrounds you don't have an HT setup to enjoy both 2-channel(using a mode such as DPLII)and multi-channel sources.
As was said, you're in control of the sub volume and can adjust it to a suitable volume, considering even the neighbors. I use and highly recommend the M22/ EP500 combination, which is a full-range system lacking nothing in any frequency range. If budgetary considerations demand, there are fine subs available at lower prices from other sources.
Edit: I'd also suggest that you move up one step in the Onkyo models, primarily to get the Audyssey MultEQ(rather than 2EQ)for greater resolution in the room EQ, and possibly more importantly, equalization of the sub. The 707 factory refurb is available at
A4L for about $400.
