So is the waveguide's effect solely around the crossover region?
As you go lower in frequency the driver radiates widely - by adding a waveguide it will narrow the radiation pattern and reduce off axis energy. The waveguide will increase the loading on the driver slightly and therefore you can cross it over slightly lower or you can get slightly more SPL out of it before compression. It won't affect the tweeter response much at high frequencies.
The advantage is to get slightly a lower crossover from a tweeter and then to match the dispersion to a 6 inch driver that is already starting to beam. This produces a smooth seamless transition in the off axis response. If it is done well you have absolutely no way to identify that there is a tweeter and separate woofer (from a reasonable listening distance). Also, one can achieve an even power response - this means the speaker has a flat frequency response at all angles - so it excites the room evenly at all frequencies with no imbalances from reflections. This is an example of what you get without a waveguide and a tweeter crossed over quite high. This is an example with a lower crossover ( a smoother off axis response). This is what you get with an even lower crossover at 2.4 Khz and a waveguide - absolutely beautiful!
See also Aeronet and Elliot Sound and Genelec Waveguides