I compared quite thoroughly between the smaller versions of these (20 and 705) and ended up with a different brand (dyn 52SE). You should go listen on your own, and I'd also recommend looking at the new dyn 72SE.
snip> but I don't think that receiver has what it takes to adequately drive either < snip
Any recommendations re receiver, also what would be a reasonable price point and/or supplier be for the 703's? I'm in Orange County but work in South Bay area.
Correction, this post should have read the B & W 705 or Studio 40, oops!
We got the picture - 700 series, there's only one bookshelf in the line. IMO, the B&Ws have cleaner highs and a clearer midrange and are definitely more musical (to my ears), but it will give up some output to the 40. If you have a larger room, the 40 might be the way to go (I can help you out with those as well in the South or East bay). If you haven't listened to both, I'd recommend you do.
There is a very good B&W dealer in the South Bay - San Francisco Stereo in Palo Alto. Link Removed
For a receiver, I'd probably look at something a little more powerful, at least in the $600+ range, with a decent power supply (a solid 100+wpc) or something with pre-outs and use external amps. Both of these speakers will work off a decent receiver, but will really shine with a lot of power. Stereo or a full surround setup?