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How good is this set-up for a project studio?

Hello RO'ers, I was wondering if you all would mind taking the time to critique my project studio set-up. This is the second time around that I have purchased studio equipment, the first time I discovered that I actually wasted money on things that I didn't need at the time (impulsive buys, I guess). This time around I just went for the basics. Here's my current set-up: