I'm definitely coming late to this party...
I bought some Alphamax 8" thick foam:
http://www.acousticalsolutions.com/products/foams/anechoic_wedge.aspand placed it right next to my bookshelf-mounted monitor speakers (Omega TS-1) . Wow. This stuff really cleans up the imaging and eliminates (as far as I can tell) any problems due to having the speakers on a bookshelf (they are front-ported so that helps). I also heavily damped the rear plywood panel of the bookcase using a sandwich of stuff designed to dampen car door panels and fiberglass panels. That prevents the plywood from singing along with the tunes.
One fine point that made a big difference: I placed the wedge foam to have a vertical orientation, so the speaker "sees" the blades at a right angle. Here is a cheesy picture.
O ||| ||| O
L spkr - foam foam - R spkr
The setup is a little more complicated, but you get the idea. Compared to the other way (a horizontal orientation), the imaging is way better. I've also angled the foam to face the closest speaker a bit and extend an inch or so beyond the front of the speaker. That also helps a lot.
I didn't need a lot of this foam to make a big improvement. The fact that the foam is very thick (it absorbs eveything that hits it) and very close to the speaker seems to make the speaker "think" it is in a much larger space, with no reflections coming from the wall in the middle. And, it actually looks pretty cool (although I have a very tolerent spousal unit...)
Next up, side wall and ceiling treatment.
Does anyone else have a sound system in a low ceiling (7 foot) room? I think that is causing some nasties but I can't be sure.