Must speakers have certain volume to sound convincing ?

I think it is more about how loud you want your performance to sound. Scaled back, intimate, or lively and present. Some systems can pull both of these off, but me personally, if it is good, I want to turn it up  :)

I particularly like horns because they can sound dynamic, lively, and satisfying at quite low volume levels. It is just a guess, but, I bet that is part of the reason they are so popular in Japan where everyone lives close together and no one wants to offend or inconvenience their neighbors.

I think there are quite a few panel speakers that sound VERY realistic and are capable of playing at respectably high volume levels. I would never categorically exclude them from ANY list for any particular performance parameter, except perhaps, compatibility with very low-powered tube amps (Quad 54 fans might disagree on this exception). Can soundlab U-1s rock, or Sanders Sound Model 10 or almost any Maggie? You bet they can.

Different drivers as well as different architectures will play at low levels differently. One of the reasons I’m a horn-guy is because of the remarkable (in general) resolution at low listening levels. The fact that they can go out to "ffff" as well is an added bonus.

Many electrostats can do the low level thing as well. This isn’t about panels however. The older Magnepans needed a solid kick in the rear in order to come to life. They sounded a bit dull at low levels. I haven’t heard their recent efforts.

Low level listening (and whether it’s important to you) is frequently overlooked, and in no way am I diminishing the importance of playing at realistic levels, but let's be honest with ourselves - how often are you going to play The Who's "Live at Leeds" at "correct" SPL's?

Cheers,
Thom @ Galibier Design

...since the dust is being knocked off this ancient argument....*G*

Not a single mention of ribbons or AMT's, which I suppose one could place in the 'planar' column in a stretch.  Or my preference for a 'well-done' omni, which IMHO actually reproduces the 'original environment', but that starts an entirely different 'discussion' that can also go on forever, much like cables 'flavours', tube vs. solid state, TT/arm/cart combinations, etc.  It reminds me of boxers vs. briefs vs. none at the end of the day.....

There is no 'perfect reproducer', and all the 'upstream' hardware is flawed in some fashion.  'Perfection' existed at the moment of creation of the music itself, and everything deteriorates beyond that in the capture and reproduction of that moment.  We simply exhibit our tastes, preferences, and budget in the pursuit of one's goal to hear that moment, be it aria or zydeco.

And then there's the differences in the original instruments that created the music in the first place.  Stradivarius vs. 'student' violin, the latter in the proper hands can be made to sound wonderful despite it's shortcomings I suspect.  Much like us, different 'voices', subject to skill and combination.

I tire of the argument, another endless 'tail chase'.  Enjoy what you have, pursue what you must.....;)

Play on....

I definitely play my system louder, maybe just because I can, sometimes too loud. But I do remember way back when listening to my Pioneer HPM40's with my Pioneer turntable and Yamaha integrated in my late teens in my bedroom at much lower volumes and actually enjoying it more, amazed at the sound!

Stradivarius will sound great in anyone's hands just as great speakers will sound great regardless of what kind of junk they are forced to play by some so-called audiophiles and giftless musicians.
It's quite telling that no-one so far asked me why I think panels don't sound real. In any case, that notion of mine was not the main line.
It also appears at the moment that what I said about proccessing of perceptions may be an incomprehensible remark. No matter, let's continue with usual bullsh-t.