I already had a $$ hi-fi before building my DAW , so I use it.
Now, I come from the 'home audiophile' viewpoint so I may be biased on the "proper" sound that comes out of the speakers.
I suppose there is a reason for using "studio monitors" possibly 'clarity', 'sharpness' and the fact that studio monitors are used "near field" (close to the listener, closer together). Often, logisticly, they have to be.
Not having used any studio monitors(SM) , I am in no place to say they don't have their purpose. I just don't understand what could be so "specialized" about them vs. quality home speakers(HS).
If the end result is to listen to music in 'real world' situations, then why not record with what you normally use? ---real world for me being : music played in my living room purely for enjoyment ---over my home hi-fi.
SMs have a reputation of being a bit on the 'dry' side....overly analytical. HS are faulted for being too 'mushy' and not enough 'punch'. I'm sure what I just said is true if the quality of any speaker is inferior. Larger manufactures who sell a wide product range including speakers, generaly(ization) put out in inferior equiptment across the board. Some exceptions are their 'high end' lines like SonyES and some Philips(not speakers) top end stuff. Smaller companys who specialize in just speakers tend to really care about how their product sounds. Look at any smaller company and how they started up, you'll likely find out it was two guys building equiptment in a garage , because they realized their stuff sounded better than what is at the local electronic retailer.
I want to listen to music, not sounds. I have a small pair of HS on either side of my monitor. They are musical and non-fatiguing,and can kick ass when pushed. I also , directly behind me, have a better, full-range system for listening/comparing in the real world. I just turn around.
I would be interested in "hearing" any recomendations on studio monitors that give the warmth and ambience of live sound. Send me a pair, convince me.

This subject has been discussed many times. The short answer is studio monitors are designed to deliver "flat" response while home stereo hi fi speakers usually boost lows and highs to accommodate for lower listening levels. Also a speaker that has increased high and low end response will be perceived as better "sounding" when compared to others on the show room sales floor ..

When you mix on hi fi speakers you are not going to be hearing what is really going on because the frequency response is hyped up. If you mix on flat speakers, the chances are that your mix will "travel" better on a wide range of different systems, instead of only sounding good on your set up..

Kurt Foster

http://www.stereophile.com/asweseeit/138/index.html

This is a little dated, but....worth reading.