What does a 'refined sounding' speaker mean ?

I have no idea. Most of the descriptors used by the audio press are meaningless. My favorite is timing which is the purview of the percussionist not a HiFi system. Same for pace unless your turntable speed is off. Characteristics that remain in spite of the program source are the fault of the system such as bass heavy or too much treble. A good system will take on the characteristics of the program source and add or subtract nothing. It can either cast an image or can not. It either has very low bass or it does not. It can play loud cleanly or it can not.  

It's all about subtlety and nuance.  Lesser systems are brash and, err, less refined.