I'm surprised that the B&Ws didn't do better. I find them to be fine music speakers.
The M22 is not direct competition for the Studio 40s, IMO, but they are better than the Monitor 5s, which I used to own. The Axioms give up bass extension to maintain a clear midrange and they do it well, but they are not quite as dynamic as the Studios to my ears. Personally, I find both the Axioms and the Paradigm Studios bright, not as much as Klipsch though.
If you're going to look for something to give 40s competition, I'd take a look at the CMT-340 from
www.ascendacoustics.com or the NHT M5 and M6 Evolutions.
www.nhthif.com The new Classic line from NHT might be interesting too, though I haven't heard them yet.
Other Canadian speakers you might want to check around for - PSB, Mirage, Energy.