New Klipsch Jubilee, with active crossover.

"...The 7” compressive (if I heard that right) driver is an interesting design element..."

Compression driver. It means the horn has a throat that is smaller than the driver element and the air helps load the driver element keeping distortion low in it's operating area. It also causes it's own distortion but it's a trade off for efficiency. 

Lots more to this than what's in the video. I was active on the Klipsch forum when the first Jubilees were being ordered. Many changes since then. I would sure like to read a professional review. 

"...I have to wonder if a 3 way would not have been better..."

The whole idea of the Jubilee is to make it a two way system where the top driver goes low enough to blend with the woofer section. It removes the crossover in the critical voice frequency range.