Yes, I agree speakers contribute the largest distortion (harmonic distortion), especially as the frequency descends. However these distortions don't detract much at all from the subjective enjoyment of the music. Electronics though introduces noise modulation and this subjectively reduces enjoyment - it seems to me that noise modulation introduced by speakers (through energy storage) is subjectively relatively benign - it causes colourations sure but somehow we seem to be able to tune out the effects of this in our perceptual processing.
