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Old 2 weeks ago
Gear Addict

From the SOS article:

"The effect of signal level is not huge,” says Ian White, "and certainly not as big as it is on the amplifier. These cone break-up mechanisms happen at a few microvolts input. You don't need to drive 20 Volts into the thing to make them happen. There are some level-related effects that come into play, but they're not the ones we've been talking about up to now. As the level goes up, the voice coil does heat up naturally. That will cause some compression and it could cause some other things to change slightly as well, so the sound will change a little bit as the speaker is driven harder. But the sound character of the speaker is just as much there at low levels as it is at high levels.”

According to Ian, the effects of driving the speaker close to its limits are mostly undesirable.
The way I interpret this is that there's no significant distortion happening in the speaker itself in normal use.