Excellent post, JLM.
I believe that the Young's modulus for MDF is 530,000. It is still considerably less than steel or aluminum (aluminum is around 10,000,000).
Adding mass is always an interesting topic and one that I am experimenting with variables on. The only downside to an evenly distributed addition of mass is that it moves the resonant frequency down (for the panel), where, as you pointed out, there is more energy to excite the resonance (i.e., a higher forcing function). I am looking at the effects of asymmetrical mass addition to see if I can get the benefits, while minimizing the adverse impacts.
My comment about "thin" aluminum in the egg for the Waveform was relative to the thickness of an mdf enclosure. The Waveforms, in general, were extraordinally engineered and over-constructed. : ).
I have to disagree that cabinets really only have an effect below 300 hz. I have heard (and measured) many a design with resonances up to 1k that caused audible impact.
Working with steel/aluminum does not have to be THAT expensive per unit. however, the initial costs can be rather high. I screwed up the design of an extrusion for a speaker baffle before (trying to make the speaker "pretty"), which cost me 3k for the new die. Argh. however, the production costs of the extrusion itself was not bad at all. The key is quantity.
There are some very clever uses of material out there. The Rockport speakers are examples of design to the nth degree (I don't know if it is necessary, but the designs are possibly as good as it gets relative to minimizing vibration). Paradigm is making using of steel in their Signature series. We mentioned the Waveforms. Relative to the price, I am not that impressed by the Krell. They appear to be using thick extrusions. PSB, as I mentioned before, is using formed MDF with great results.
To reiterate what JLM said, the design can have much more impact than the materials. There are quite a few mdf enclosures out there that are really quite good. There are a few that are excellent. Some don't pay attention to the details. Heck, PVC can make an excellent enclosure when used right. Conversely, you can make a horrible cabinet with alternate materials. I have seen flimsy, high vibration designs that utilized "good" materials. Use of a high stiffness material does not guarantee success.