Having listened to the studio 7 I would say they are not the best choice for the money. You can get a lot better sound from other manufacturers.
If you have small children that like to get into things, I would say your mains would be as much at risk as any other part of a surround system.
If you want good sound for movies, a decent center channel is a must. Until I upgraded 3 months ago, I had always listened to movies in stereo. I have had trouble hearing some dialog in almost every movie I watched. Now, I can hear all dialog very clearly, even most stuff that is whispered.
If 700 is your total budget, I would go for one of the budget surround systems suggested. If you can add to that 700 sometime down the road, consider spending that on fronts or fronts and a sub and adding the rest of the surround system later.
There are other internet direct companies like Axiom that also make excellent speakers.
Last, and most important, go out and listen to some different speakers to get some idea of what you like and don't like. In the end, it is your ears doing the listening, not ours or your friends. PSB is another excellent speaker company that should be easy to find in stores.
Good luck.