Revel or Aerial

If it were me I would keep the speakers and get some better electronics. A great preamp is indispensable in a great system and I doubt running the M51 as a pre will be as good as a great preamp. If it were me I would take all the money you are willing to spend on the Studio 2s and get a better amp and preamp especially if you say you are already nearly thrilled with the sound of the 208s.

That is one tough choice. As you're talking about buying new, it makes no sense to purchase without listening to both speakers.
I owned a pair of Revel M20s a few years ago, man those are some wonderful little speakers, and now own a pair of Aerial Model 6s. Both brands are fantastic IMO.
You probably couldn't go wrong with either speaker but a listen first seems mandatory.

I was under the impression that the M51 was on the way. If that's the case, by all means, give it a chance. If you haven't bought one yet, I agree with Ejlif's post. The importance of a good preamp can't be overstated.

Zd542,

The M51 is not on it's way, I had the opportunity to cancel the purchase. I plan on comparing the F208s to Studio 2s within the next several days. I like opinions, no matter how diverse they me be. I'm trying to hear opinions no possible was forward based on my current equipment and the fact that I want to limit how much I pay. With the sell of my current speakers the Studio 2s would cost me an additional $5300. The question is what yields the most cost effective results. It's impossible to hear every available option.

Ricred1 .... I "reluctantly" would like to make a suggestion. I am usually reluctant to make equipment recommendations, especially speakers, because opinions about what is good, bad or so-so are very subjective.

But here goes. If you are close to a dealer who sells Paradigm Signature 6 or 8 speakers, I suggest you stop by for a listen. If you like the S6 or S8 speakers, you should know there's a member selling a pair of piano black S8 (v3) speakers for a song - asking $5K. I've never seen the most recent version of S8s offered for such a low price. Even if you change your mind, the price is so low, you could flip them for little cost, maybe even make a buck or two.

I'm sure I'll regret sticking my neck out, but good luck with whatever you do.

Bruce