Nick, I hope to be doing just what you ask tommorrow. I didn't think the v2 Studio 60 vs the Monitor 7 was worth double the price but I have not heard the v3 Studio's yet. Will post my response next Tuesday.
I've compared the Monitor 5 v3 with the Studio 60 and it was no contest. The Studio 60 was much more detailed and sounded much smoother. The Monitor 5 sounded a little more rough around the edges and my ears couldn't relax as much with it -- just a little bright for me.
Of course, the Monitor 5 was run off a Marantz SR7400 in one (well set up) room while the Studio 60 was run off a Rotel in a different room, so it's not truly a fair comparison.
The Studio 60 was my top choice till I listened to some Dali Evidence speakers (on a NAD T763). They were also very detailed but just sounded more alive -- hard to quantify.
Sorry, I did actually mean Monitor 7, not Monitor 5 above.
Nick and Chris:
I also compared the Image 4T to the Monitor 7 and Studio 60. The 4T was a very slight improvement over the Monitor 7 for me -- it sounded a little cleaner.
If the Image line is getting replaced and you like the sound of the 4T, maybe you should consider a 5T (or 6T) if they can be found discounted.
I did extensive shopping around for speakers earlier this year and settled on the Studio 60 V.3. being run by a Yamaha 1400. The Monitor series (7's & 9's) were very good, but I found the Studio's that much better sounding that it justified the increase in price for me. Within my budget (reciever & speakers), IMO I couldn't beat the combo. When my budget allows, I will get a matching center and 20's for HT surround.
The Monitor 5v.3 is a very fine speaker for $550. I attached Straight Wire's new Symphony speaker cables during my audition and the sound had fabulous timbral accuracy. I noticed a creamy smooth and well developed midrange, with a very reasonable bass down to about 40hz. As with most Paradigm speakers, utilizing a good cable lets you hear what terrific value Paradigm's are. With the garbage cables at the dealer, the sound was smeary, lacked projection and clarity, the crossover choked and the vocals were muffled and the upper highs were badly distorted.