Hey Chris,
Comparing the Merlins to other speakers is something I look forward to also. If I find a speaker that does what it does significantly cheaper, then I'd buy them.
Boy, what do they sound like. It's been about four years since I had them in the house. I had the VSM-MMe floorstander. I'll try to explain what I hear but everyone seems to have different ways to explain what they hear.

In a nutshell. They are very detailed, very transparent. Some say they are analytical but I've never felt that way. That being said, I do want a very good tonally rich and fleshed out tube amp to pair with them. The detail and decay of sound is what blows me away by these speakers. I'm really into hearing the recording venue on my music. Wether it be a big cathedral or the studio. I also love hearing all the tones and bodies of acoustic instruments, from the initial attack to the last decay of the note. The one thing that surprised my was how smooth they are. Some actually don't care for them because they don't seem dynamic enough. So it's interesting, tons of detail but not in your face. Kind of the exact opposite of My Klipsch, which have very good detail but just throws it at me like a sledgehammer.
The TSM monitor has the same house sound from 55hz and up as the VSM. And on the pre owned market can be had for a relatively reasonable price.
I'm going to stop myself now. I tend to ramble when I start talking hifi.

Cheers,
Scott