Thanks to bdp24 for a patient, thorough explanation. I would add a couple of related points (For the record, I have a pair of Thiel CS6 speakers that were designed to be time and phase coherent).
At the PNW Audio Fest I attended a talk by Andrew Jones on speaker design. The subject of time alignment and phase coherence came up. With his witty sense of humor he made a very good case that this is not a major reason why one speaker sounds better than another. It sounds good in theory but in practice it is not a major factor in good speaker sound.
I've heard large Wilsons at three audio shows. At one of the rooms I waited until a slow time when I could sit in the sweet spot and I heard the holographic effect that people were raving about. It was impressive but there were other characteristics of the sound that I didn't like. In another room, however, I heard the same holographic effect - perhaps to an even greater degree. These were Acapella horn speakers that make no claims of time alignment. The sound was so enveloping and the location of the instruments so defined that it was spooky. I thought my Thiels imaged well but this was another level. Due to this experience I'm not sure that time alignment is the key if your major criteria is holographic imaging.
And lastly, the audio industry is becoming very good at selling their products with a story. In marketing is is called a Unique Selling Proposition (USP). Most of the ultra high end products have an elaborate story about a certain characteristic of their product that explains why it is different from its competitors (and worth more money). The audio cable companies are the champions in this category. It ain't easy justifying $10,000 for a pair of wires. Wilson has settled on Time Alignment along with it's cabinet materials. If you read Stereophile or TAS I'll bet that if I named off 5 other high end speaker companies you could tell me their USP off the top of your head.
Bottom line is that how a speaker sounds is the most important factor regardless of it's design parameters and marketing story. You just can't sell a pair of speakers for more than a 2 bedroom house without making the buyer comfortable that he (face it, it's a guy thing) is getting something really cool.