Waterfall plots are wonderfully ornamental, but rarely instructive. Because loudspeaker drivers are minimum-phase devices, their time-domain performance is predictable from the steady-state amplitude response. The most revealing (highest resolution) amplitude response is the steady-state response obtained in an anechoic environment. Waterfall plots require time-windowed FFT data and as a result what one can see in both the frequency and time domains depends on the duration of the window - at one extreme the window is infinite, and we see a perfect amplitude response, but see nothing in the time domain, at the other extreme the window is short and we see "something" in the time domain, but nothing useful in the frequency domain. My money is on the steady-state response for loudspeaker testing, but I fully understand the attraction of waterfalls for "marketing" purposes.
I explain some of this in and around Figure 13.23 in my book. There I am using LF room measurements, where one can actually learn something because rooms are much more complicated than speakers. However, that said, as shown in my figure, it is very easy to be mislead by waterfalls, and the literature, including lots of reviews and manufacturer's claims, is full of examples in which what is claimed cannot possibly be true. I see a lot of waterfalls that look something like Figure 13.23b, suggesting huge problems, when there in fact may be a minor problem, or none at all. The people making the measurements don't understand the limitations of the measurement. Making it all worse, when such waterfalls are shown, the duration of the measurement time window is not revealed, so we cannot interpret the meaning of the data in either the frequency or time domain. It is show-biz, not engineering.
In short, if the steady-state amplitude response of a loudspeaker shows a high-Q peak, there will be ringing in the waterfall. If it does not, there will be no ringing, and everything in between. So what? There is no new information - but it is ornamental.