As I understand, the way THD is measured involves measurement with a simple resistive load -- for example, an 8 ohm resistor. But speakers are not resistors. At the very minimum, the measurement doesn't fully capture what's going on.
Also, this is an interesting article:
http://www.passdiy.com/pdf/distortion_feedback.pdf
Also, this is an interesting article:
http://www.passdiy.com/pdf/distortion_feedback.pdf