Bruce,
You raise some good points, however I must disagree on your assertion that upstream components produce 99% of "issues". I don't know where this figure came from, and I'm sure many people would agree the speaker itself contributes to the sound in a great degree. In addition, besides looking at component contributions in an individual fashion, there are well-known interactions between components that influence the sound - the best described is between amplifier and speaker with factors such as input impedence curve, phase shift, output impedence curve, frequency response, harmonic distortion, power capabilities etc all have a role to play.
My second objection is I feel the cap plays a far larger role in the sound than you give it credit for. After all, it is the only component in the crossover, and is in complete series with the signal. Having played with speaker caps in the past (extensive experimentation with Lynn Olson's Ariels), even in a complex 3rd order crossover, series caps have a marked difference on the sound. What more for a 1st order.
Also, I'd like to clarify the 'stridency' issue. I am in no way saying the stock Ref 3A is a 'strident' speaker - far from it. I think it is more balanced in the treble than many other speakers I've heard. However, I have noticed on that one particular track that the sound was unnatural, thus 'strident'.
To my ears, at least, the stridency did indeed improve with the cap change. So, what am I actually hearing? Did the new caps subtract something from the signal generated upstream, thereby adding distortion and coloration? Or did the caps reduce distortion relative to the Illusion cap? Who's to say... I am judging the improvement through solely subjective means.
What matters, though, is I feel the sound has improved. Makes me feel happy, therefore is good for me (maybe not for you). Sure, maybe if I buy a $10k source, it would solve the stridency issue without te cap mod. But that is a moot point if the cap itself is causing the stridency - as to what is true, it's hard to say.
Oh - Michael, I would be quite happy to help you mod your speakers! It might be interesting to do an A/B comparison between your stock speakers and mine first...
Robert