When talking about high and low efficiency speakers, it would be good to have at least a general agreement on what is low, and what is high efficiency. That way we all know what we are talking about.
I'm a little surprised that nobody has (so far, at least) mentioned the greatest virtue of high efficiency speakers - microdynamics.
By "high effeciciency", personally I take to be anything at 96 dB/2.83V/8 ohms or above. Really high efficiency speakers of yesteryear, such as those once offered by Altec lansing, at 102 dB/2.83V/8 ohms, seem to be no more in the audio arena (while probably still present in the PA field).
Microdynamics is usually taken to denote very small, very fine details, which somehow seem to be missing from the vast majority of lower efficiency (say 92 dB/2.83V/8 ohms and below) speakers. Because they can be excited to very high levels with relatively small power, they need to have light and fast cones for bass and whatever for mid and treble (cone, dome, planar, etc), plus simpler crossovers with less power loss.
Older folks here will probably remember the sort of revolution JBL caused when they translated their 4312 monitor to the home audio market as Century 100 in 1970 (or thereabouts). They demonstrated what a high quality, high efficiency (95 dB/2.83V/8 ohms) speaker could do in the days when 60 or 70 watts of power were considere extremely powerful. Despite some obvious colorations, that speaker managed to convey a sense of presence and wonderful "color" of the music through its capability to deal with the microdynamics.
A specific example. On a lost MGM record (I have it, it has a number, but cannot be purcahsed anyhwere???), there's a place where with quality headphones you can hear the creaking of the drummer's pedal. On most speakers, it will be there, but it will be muddled, you won't be able to clearly make out what it is because it's sort of submerged under the rest of the sounds. On a high efficiency speaker, your chances of hearing and correctly identifying it are far better (although of course not guaranteed by default).
Over the last 35 years, this is one boon of high efficiency speakers nobody has been able to convince me is of little importance when compared with whatever. Not to even mention others, like the fact that needing less power, they let the amp stay much more in its optimum operating range, reduce chances of overload and/or distortion, etc. To be sure, nothing being perfect, they also have their pitfalls, but I believe these to be more marketing (price-wise) induced than by virtue of the actual design. The most common pitfall being use of low to very low quality drivers and putting it all on the card of simple efficiency.
I just can't pass up this chance - Paul W. Klipsch knew what he was talking about and what he was on about with his own products.
Cheers,
DVV