Hi, CuriousJim!
I am kind of dubious about any KEF speaker being really 91 dB/meter/watt. That’s almost 1% conversion efficiency, and believe it or not, that’s quite high for the mainstream market, and especially KEF. True efficiencies between 85 and 88 dB are much more common. Efficiencies in that range need 100 to 200 watt amplifiers, which is very large for tube amps. When people say XYZ speaker needs 200 watts to "come alive", they are not joking.
1% efficiency is 92 dB/meter/watt. 0.5% is 89 dB/meter/watt. 0.25% is 86 dB/meter/watt. This raises the question ... where does all that power go, if not making sound?
It heats the voice coil, which eventually radiates its heat to the magnet structure, which radiates its heat into the cabinet. Copper increases its resistance with temperature, which leads to a type of dynamic compression as the voice coil heats and cools. In addition, voice coil heating eventually damages the cylindrical former it is wound on, leading to driver failure over time. That’s why Nomex and other fire-resistant materials are commonly used for VC formers.
This is the charm of high efficiency speakers: for a given SPL, much less power is wasted in heating the voice coil. More is turned into sound, which is the goal.
P.S. I agree, it is somewhat annoying to realize that 99%, or more, of the expensive watts we buy do nothing more than heat a voice coil, but that’s what’s really happening. It’s kind of shocking: hundreds of watts from the AC wall socket end up as milliwatts of acoustic power. The rest ends up as heat, and not in a great place, either.