I have Salk SoundScapes that have an open baffle midrange. Box speakers dont reproduce the liveliness that is often heard on the musical stage. Open baffle and panel speakers are attempt to solve the problem. The bass issue mentioned previously is something that needs to be addressed by the speaker designer.
Advantages:
1. Liveliness is added(restored?) to the music
2. Freedom from box resonances
Disadvantages:
1. The image is larger than life
2. Bass frequencies are a difficult problem to address
3. There is the back wave of music coming out behind the speaker that reflects off of the wall. These reflections need to be managed.
FWIW, Dennis Murphy solved the image problem by putting the open baffle midrange in an partially fiber filled open backed box.
Bob