I cannot comment on the sound quality of the ML speakers, I know the sub will not do justice to the bass in movies. In the $500 range, the Pioneer Andrew Jones BS-22 bookshelf and CS-22 center speakers (
Tiger Direct has the best price for these and Best Buy will do an in-store price match) will definitely sound great with a Bic America F12 sub which is on
Amazon for $200.
If you are can stretch the budget by $100, get the tower speakers in the series. So, the FS-52 for LR, CS-22 for C and BS-22 for surrounds with the F12 sub.