Well, I took a leap of faith and bought an SVS SB16-Plus. In short, it is a significant improvement.
My Velodyne F-1200 sounded very boomy by itself.
With a Velodyne SMS-1 in front of the F-1200, I was able to get the frequency response pretty flat, but things still sounded a little out of sync, or slow.
The SVS has built-in parametric EQ, so the SMS-1 was removed from the system. To tune the SVS, I had the SMS-1 output its test tones into my pre-amp (and therefore through the entire signal chain), and I used the SMS-1 microphone to then measure. I made EQ corrections on the SVS itself. This got me to a pretty flat response, though there is still a bump between 55 and 65hz (big room nodes there even adjusted -8db or so). I then used the kick drum on the Police's "Murder by Numbers" to fine tune the phase on the new SVS sub. I find this results in a better sound than playing a test tone at the crossover frequency.
Now the sound is a lot punchier where it needs to be, and the entire bass range is a lot cleaner. The 16 inch driver may be massive, but it doesn't seem to have any detectable overhang, unlike the 30 year old Velodyne design.
I have a strange room setup with a lot of cubic feet, but I'm not stressing this sub at all. At typical listening volumes, you can't even see the driver move. However, if you crank it up the volume and put on some music with serious low bass, hold on to your hat!
I am running my Revel M106 speakers full-range. I don't know if you can ever get an absolutely perfect integration of a sub and a monitor speaker running full range. You definitely want the sub playing the kick drum, which means there's going to be some overlap and the phase of the sub will only be perfect at one frequency. Nonetheless, I'm really pleased with the results.
FYI, the SVS has 3 parametric EQ points. If you buy this sub, plan on using one of those to put a low-Q bump at 20hz to get the thing playing flat down into lowest octave and then into the mid-teens. So practically speaking, you're left with 2 parametric EQ points to deal with your room.