Hi, Mark. Yes, the prices are per pair. Also let me say that your Sony 365 most certainly isn't "terrible" and can serve you well for stereo music listening until you decide to go multi-channel in the future.
On the speakers, I pondered suggesting M2s with a more powerful sub than the EP125. I have M22s and think that the bass without a sub is adequate for nearly all music(if not the booms of movies)so I suspect that you would greatly enjoy them. If your budget at this time can't handle M2s plus a big sub, I'd suggest leaving the sub for later and enjoying the great sound except for the lowest bass which the M22s will give you.
