I have owned all manner of speakers--conventional sealed box, bass reflex box speakers, electrostatics, planar magnetics, etc., and all types of speakers, with varying efficiencies, can deliver decent sound. But, over time I have gravitated toward high efficiency speakers because they can be utilized with my favorite amplifiers (most of which are low-powered tube amps) and because they tend to deliver superior dynamics. I know there are theoretical reasons for this--low power being delivered to the driver for any given volume level means less heating of the voice coil (heating causes an increase in resistance that then reduces the ability to deliver more power, in other words the driver output does not increase linearly with increase power (i.e., dynamic compression)--but, whether or not this is true, I tend to find higher efficiency speakers more dynamic sounding).
I currently own a system with twin 12" woofers in an Onken cabinet, midrange supplied by a compression driver/horn combination, and highs delivered by a bullet tweeter. Horn systems like this tend to be large in size, which is why the industry went away from these systems, particularly when stereo required installing two speakers (and HT requiring even more speakers). I don't think it was sound quality that killed horn-based system.
I currently own a system with twin 12" woofers in an Onken cabinet, midrange supplied by a compression driver/horn combination, and highs delivered by a bullet tweeter. Horn systems like this tend to be large in size, which is why the industry went away from these systems, particularly when stereo required installing two speakers (and HT requiring even more speakers). I don't think it was sound quality that killed horn-based system.