Since most studio monitors are powered, you will not need an AVR. You can connect the monitors directly to the ASUS Essence via the 1/4" TRS jacks. You can use the RCA jacks to connect the subwoofer. The Essence headphone amp will be plenty for any headphone you would use.
Even though it's a consumer soundcard, the Essence looks to be good. The key there is low-noise analogue outputs. Many consumer PC cards do not have very good analogue output jacks, but almost all pro-audio cards do. Keep in mind that it only does two channel, and when you want to step up to 5.1, you will need a different sound interface. If you want something fancier than the Essence, check out the
Denon DA-300USB, however there is not much the Denon can do which the Asus will not, except decode DSD files, a feature which you are unlikely to need. The breakout box is a bit more convenient though.
With respect to speakers, if you want some truly superb monitors and are willing to spend, check out the
Mackie HR8 mk2s. They are THX pm3 certified, meaning they are certified for use in creating THX sound mixes, not just playback. That is a very high standard of performance. They are large and heavy though, so make sure you have the desktop space to handle those. If you need something smaller, check out the
HR6 mk2- basically same monitor except not as much bass capability. Another great monitor to look at is the
Emotiva Stealth 8, which is an extremely accurately measuring speaker. Very powerful too, with two separate 200 watt amps for the woofer and tweeter. Along those lines would be the
JBL LSR4328P. This has an auto equalization processor which can help temper room acoustics, a very nice feature. If your budget is even more relaxed and so is your desktop space, look at the
JBL LSR6328P, which is another very powerful THX pm3 certified monitor and also has room correction auto-equalization.
Those monitors are all a bit expensive, and most will outperform many even more expensive audiophile speakers in terms of accuracy. If you are not willing to spend that much, I can suggest some less expensive monitors.
With respect to subwoofers, the more space you can give them, the better performance you can get. My favorite 'affordable' brands are
Hsu Research,
Reaction Audio, and
Rythmik Audio. Any of the subs you get from those companies will be very high value. If your budget, and floorspace, is relaxed, and you can easily afford a subwoofer more than $1k, look at
JTR, Seaton Sound,
Funk Audio, or
Deep Sea Sound. If you can afford a $4k sub and have some floorspace, take a long look at the Deep Sea Sound Mariana 24- that thing is just amazing. If your budget is
really relaxed, look at a
Funk 18.2.
Now you should think about equalization. Your room acoustics will mess up the prestine frequency response of these speakers and subs, so you will want to tame those acoustics to get a better sound from your stuff. One way you can do that which looks to be very good is get the
Dirac Lice two channel software suite. You will need a calibration microphone for that, and the
UMIK-1 is highly recommended. If you would rather run Dirac in a unit outside of your computer, you can get a
DDRC-22A, which comes with the UMIK-1 microphone.