10-03-14: Ctsooner
..I've been able to hear most of the speakers in this thread and some are awesome and would make me very happy, but at each price range, I like the Vandy speakers best. The other top speakers I've liked have also been first order covers and time coherent. No smearing that I hear on most other speakers out there regardless of cost.
Cts, speakers with first order crossovers have their limitations, requiring for example significant impedance correction. Also first order crossovers have a lot of overlapping bandwidth, leading to lobing issues/comb filtering, and increased power handling/excursion demands on the drivers. On the upside, there is minimal phase shift, though there is no free lunch here. Vandersteen 7's have a narrow sweet spot and are not easy speakers to setup, hence why they include a laser positioning device and numerous adjustments for the drivers.
Conventional higher order crossovers are also not perfect, however in Magico's case, they use what they call "Elliptical Symmetry Crossover" technology which allows the use of steeper slopes with half the number of parts used in a traditional crossover, enabling Magico to use a simpler, higher quality crossover network. And indeed Soundstage (using the NRC in Canada) and Martin Colloms for Hifi Critic both concluded the S5 has superb measurements.
You mentioned you have heard most of the speakers mentioned in this thread (including presumably the Magico S5), but preferred your Vandersteen Trio's which is fine. I've found the S5 to be a very coherent and well balanced speaker which sounds very smooth, a bit warm and very resolving. It has a slightly more laid back presentation than Q3 which I find allows for long listening sessions without listener fatigue creeping in. The S5 is perfectly phase coherent. Maybe not perfectly time coherent like the Avalon Eidolon Diamond, however I find the overall qualities of the S5 draw me into the music and engage me. The S5's drivers operate in perfect piston motion. Another important consideration is the S3 & S5 are easy to setup and integrate in less than perfect rooms. Coupling of the speaker to the room is a critical factor in how good or bad your system sounds.
I would love to hear the Vandy 7's, though at a starting price of $52k they cost quite a bit more than the S5's. A shootout between the Vandy 5a carbon vs Magico S5 would be interesting and a fair comparison given the Vandy's twin 12" bass drivers vs the S5's twin 10's. I think the S5 would have it over the Vandy in the midrange and top end.