Interesting (old) thread. A bit before my time.
But since it's been re-opened, I'll add a word or two (hundred) on the pros and cons of ESLs, based on my experience of owning Martin Logans for the last few months.
The biggest advantage of ESLs is the speed of transient response. No dynamic speaker can come near it. I think some ribbon-type tweeters are good, but they only cover the very top end of the frequency range. An ESL gives you that lightning speed of attack and decay right down through the mid-range and into the upper bass. The effect of fast transient response is to give more definition and texture. ESLs give a much better sense of what an acoustic instrument or voice really sounds like. The feeling of being there is extraordinary.
Another advantage is the sense of space. ESLs are either line arrays (e.g. Martin Logans) or squarish panels (Quads). They do an amazing job of creating an immersive field of sound.
Third: my MLs have no crossover. One panel covers the range from 20kHz down to 340Hz. Most dynamic speakers have a crossover in the upper mid-range. However well engineered the crossover is, and regardless whether it's a passive or active crossover, there's a "join" right in the middle of the range where human hearing is most sensitive. It's pretty noticeable with voices and string instruments, especially solo violin. The panel in my MLs is fed direct by the amp (well, via a transformer). In that sense, a full range ESL is technically superior to any active dynamic speaker.
More technical advantages: no boxiness, no cabinet resonances, and no cone break-up. All speakers distort, but ESLs distort far less than dynamic speakers, even actives.
So what are the disadvantages?
People often mention size, and it's true that some ESLs are quite wide and need to be placed away from side walls. My MLs are the same size as a large floorstander, so they're OK in my room.
Because ESLs are dipoles, they project sound backwards as well as forwards, so they either need to be placed a few feet away from the front wall or have acoustic panels behind them. My room isn't at all large; I have an acoustic panel behind each speaker.
To do proper deep bass, ESLs have to be accompanied by a sub. Integrating a sub is tricky. Martin Logan have done lots of work on this, and the more expensive models (yes, they are very expensive) work very well, with each speaker having an integrated active sub with its own 200W amp controlled by a 24-bit DSP engine, with gain control. The only problem is that the panel is faster than the sub, but I don't find this much of an issue.
Some ESLs have very low impedance at high frequencies. Mine go sub-0.5ohms at 20kHz. This means a very high quality amp is needed, otherwise the HF will distort at high volumes. More expense! Other ESLs have a more benign impedance curve.
Finally, ESLs provide an amazingly clear window on the music. The rest of your system needs to be really good. And some recordings will inevitably be shown up. On the other hand, good recordings are revealed in their full glory.
Matt