The effect is also called the precedence effect and means that if there are two sources of sound, as is often the case with PA systems or studio monitoring systems, the sound will be localized to the speaker that provides the earliest sound. The other speaker will not be heard at all it some cases.
In spec land you will often see the specification for THD which stands for Total Harmonic Distortion. This is a rating given to most gear for the overall percentage of harmonic distortion added to the signal passing through the device while operating at (presumably) nominal levels. There are dozens of ways to measure this spec that can skew the results so keep that in mind when comparing product literature.