There have been tremendous advances regarding materials (with Ceramic, diamond, etc) and we now have tiny woofers that manage to produce some bass (at the expense of sensitivity of course, but still) at reasonable level.
Wether those advances make a loudspeaker more MUSICAL is debatable. I've been listening to a few cost-no-object, last generation loudspeakers and while impressive on many levels, they are sometimes too perfect for their own good... a "recording" being a very imperfect thing to start with, and a pale copy of the real event, sometimes it's better to add a tiny bit of color and distortion to make it palatable.