Yes, good 2-ways can do most of the frequency spectrum and allow far field listening. Merlin VSM do this, and have coherence that most 3-ways have trouble attaining. Bass often sounds out of character (incoherent) to mids and tweeters in many 3 ways I've heard, the Merlins speak as one voice.
Also, 2-ways are generally more efficient than 3-ways, allows for lower power amplifier, SET for example.
Also, 2-ways are generally more efficient than 3-ways, allows for lower power amplifier, SET for example.