To Danny's point....few manufacturers have figured that a high-strength polymer (a plastic) chassis really is excellent. NHT has with their newest models and have been lauded with accolades (including The Absolute Sound) for very ordinary money.
I had 'damped' my 6.5" Peerless woofers with over a lb. of Plast-i-Clay ('rope' caulk, found in hardware stores, is hard on your skin - it tears of a layer and leaves them raw when you work with it a long time...I've used this, too) all over their stamped steel baskets (not the magnet section). As HiFiSoundGuy has found out, it is one neat tweek. The idea to use Plast-i-Clay, instead of Mortite or other rope caulk, goes to Frank van Alstine (who covers this in his free resource online, Audio Basics, way back in either 1982 or '83).
The difference was very noticeable after doing it.....much tighter bass, and a general air of more ease to the music as resonances were damped out.
Nonetheless, the Peerless used in that speaker was the cheapest series they made at the time....I think you could buy them for $24 a piece from Parts Express. So, tho it improved, there was still more to go.
Turns out Danny's M165 woofer was a near drop-in replacement for the Peerless in my application...so I bought a pair. It's an altogether higher spec unit, with a polymer chassis and only $45. True to form, despite the excellent upgrade of damping the Peerless basket, GR Research's woofers were better still.
It dug a little deeper in the bass and the midrange was a little more 'natural' in character (Danny uses a coated paper while the Peerless was polypropelene)
Moral for me:
1. You can improve what you have by damping stamped steel baskets...but there is no substitute for superior design and engineering
2. Don't be afraid of plastic/polymer woofer baskets - they work and are inexpensive to produce
Enjoy, John