What's wrong with this system?

Hello,
Thanks to all for the valuable input. I think before I do anything I'm going to get an SPL meter and a test cd and see what's going on with my room, as some of you have suggested. Here are more details about the setup of the system. I live in a studio apartment (for now), and the 15x15 area I mentioned is actually only about half the room--the one where my system resides. I am not using any isolation equipment, and the amp and cd player each has its own shelf on a wooden cart-type thing, which will also be replaced soon. The components are plugged into a power strip from Accoustic Research (about $40), using the stock power cords. The speakers are 5' 4" apart and two feet away from the back wall. The left speaker is 3' 2" away from a side wall and 3' 8" away from a corner. There is about five feet of open space to the right of the right speaker. I know this is not ideal, but the speakers can't be moved around too much (the whole system can't be moved much). I think the corner is causing some boominess in the bass, and even at two feet off the wall the bass is overemphasized at times. Plugging the bottom ports on the speakers (there are two in the rear, top and bottom) tames the bass a bit, but results in an overall 'constricting' of the sound, which I don't like much. What I have tried to do is pull the speakers as far away from the wall as the room will allow so I don't have to plug the bass ports. The speakers are toed in about an inch. I have experimented with pulling them out very far away from the wall, not toeing them in, etc. They are spiked into the carpet, which is a medium pile. Is anyone familiar with these speakers? Maybe they are just not happy in my apartment. Either way, I do realize now that the Cambridge Audio is a weak point, and I am not impressed with the build quality of either the CA or the NAD (coarse, unbalanced volume control). Regarding replacement of the CD player, how would an Arcam like the CD62 or CD73 do? Thanks for all the suggestions, much appreciated.
Scott

You might try to deal with that left-side corner. A cheap way to see what effect treatment might have is to buy a standard bag of pink fiberglass insulation ( 4 feet tall ) and stand it in the corner. This is the simplest bass trap I know. Keep the receipt so you can take the bag back, since WAF is on the negative side. Even I hate the way mine looks, but that's not why I'm keeping it.

I have to agree with the input that the greatest issue is room acoustics. The speaker set up can make or break your system. Too much bass enhancement clouds your highs and midrange. This clearly seems to be the case here since mids and highs are the particular strongpoints of the Monitor Audio speakers. There's no shame in plugging the bass ports if it pleases your ears. Furthermore you could put some extra damping material(wool or BAF wadding)in the speaker cabinet. Make sure you don't block the BR port. Also, the 1:1,2 rule works miracles. If your speakers are 2 meters apart your ideal listening position is 2,4 meters from the speakers. You can then finetune the stereo imaging to your taste by rotating the speakers inwards or outwards. Upgrading to a new source will put more refinement in details and add some clarity but will most probably not lift the veil in your system. I have heard budget systems sound very open and unveiled eventhough the missed the microdetail that high end offers. Good Luck!