I agree with Alan about panel speakers. They can rock. I use horn speakers which are known to be good at low levels, but even they need a certain amount of volume to be really convincing.
Besides what Mapman said I also meant internal physical volume of speakers. Panels sound nothing like real music, as beautiful as they can do. They are for dreamers not for those who want to hear it as it is. As for horns, it's a different matter.
All else held constant, in order to be able to produce flat response down to lower frequencies, you need larger drivers in larger rooms. In the case of "box" speakers you also need larger boxes ie more internal volume. I think its that simple.
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