You know, this is a very interesting subject, and it's true that the same motor (electrodynamic) has been the most used system since inception. I'd say there have been advances, but nearly all of them have been incremental, in materials, understanding of driver-cabinet interactions, design of crossovers, and such. I'd say the biggest improvement has been in measurement, and in understanding how to relate measurements to what you hear.
Outside of speakers, there has been substantial advancement in the understanding of perception, for instance the understanding of importance of power response and direct response, but there are still a lot of popular systems that haven't incorporated some of those issues, perhaps for good reasons, in particular that the listener prefers what they are getting.
When one gets down to the measurements, loudspeakers are by far and away (30-40dB at least) the worst link in the audio chain, but often in a way that doesn't particularly matter to the listener. Variations in direct signal vs. room reflections are a question of preference, and different people very strongly prefer different amounts of direct vs. reverberant signal, and with different timbre to each.
So that's something that is personal, and will remain personal.