Raghav,
The options you listed should be better than satellites - this will be most apparent when listening to music. The reason for this is that the satellites being small will cutoff at a frequency typically around 80Hz and not reproduce anything less than that. All this gets redirected to a subwoofer. But there are lots of instruments and even human voice that needs to go down further than 80Hz. So, if each satellite is not doing that, its a compromise and you can find that out if you have a bigger speaker right next to them playing. But, the sub/sat systems you are talking about are no normal ones. Quite some good ones. But still a bookshelf will be better. So depends on what you want and the budget etc; Looks like your budget is just above one lakh.
For the Quad combo I would say that the subwoofer is nice but not the best.
Getting the Quad will be a better option but then your budget will be pushed out further. So, the mix match of Wharfedales with Quads. While this might not be that bad, neither its a very nice option when particularly paying that amount.
My take is instead of doing that kind off mix match, why not get the Quad Lite and a Quad 12L2? Will that still be inside your budget. This way you get 7.1 as well and that is not a bad thing. This would be first option and my recommendation. Something that I am halfway there myself.
Second thing is between B&W and Quad, best is to audition as the sound signature is different. So, even the pairing receiver can matter here. So, have a rough idea of the receivers and see which suits better.
One common comment I hear about B&W 685 is that it sounds best when the volume is pushed up. I also kinda felt the same when I auditioned. It really sounded very big and open at a high volume, while at low volume it was slightly anonymous. The Quad 22L2 was quite the opposite. At low volumes it sound quite clean and good, while at higher volumes there was a slightly more harsh than I'd like. So, this can be taken into consideration as well.
Regarding Polk, I haven't heard the new RTi series yet, I have heard their previous RTi series and I would say I liked them. But, the B&W and Quad to me are in another class.
So, long story short, get a Quad Lite + 12L2. Or else between the Quad and B&W , listen and pick.
By the way, I have just picked a Quad Lite 5.1 myself and I am waiting eagerly to plug them in. A long wait of 10 days probably.