This is a great thread. Very helpful for me also.

I am a sax player also (although I'm playing more alto than tenor at the moment) and have similar needs to yours. I had/have been thinking about monitors, but given the limited amount of mixing that I would do (really just related to recording myself) compared to the amount of time I use the speakers for playing backing tracks for practicing and for listening to music for pleasure and/or transcribing, I decided that I will probably just get a decent set of headphones (for tracking when recording and for mixing, since I am trying to get decent but not pro mixes) and continue to use my current speakers. So, what are the speakers?

I have a set of these for the computer

http://www.bestbuy.com/site/Klipsch+-+Pr...&st=Klipsch Computer Speakers&cp=1&lp=1

They aren't audiophile quality, but they get plenty loud, are small and sound pretty darn good for a set of computer speakers.

I also have a stereo in the room where I practice with an old receiver, a pair of ADS floor standing speakers and a CD player/changer. It also works great for these purposes, but to be honest, I usually just use the computer and attached speakers. I may move the stereo out of the room to give myself more space.

Good luck on the hunt. I'm interested to hear what you decide.