Actually: I've seen 16ohm as well.
Not having been around in the real-old-days; my understanding is that the issue is related to the amplifier used. Tube amps seem to work better with high-sensitivity (because they are low power) and high resistance. I know I read why at one point, but don't recall.
Tube amplifiers, at least the kind with output transformers, don't really care about the impedance of the speakers they drive,
so long as the output transformer has a tap matched to the target speaker's impedance. In fact, is the inclusion of an output transformer that really defines the impedance sensitivity of the design, not the use of tube or solid state devices, because:
- The constant load as seen by the output stage of the amplifier, because all that it sees is a winding of the output transformer, means the power output of the amplifier will be the same regardless of the speaker's impedance, and...
- The actual power output of the amplifier will be determined in part by the efficiency of the matching between the selected output tap of the output transformer and the speaker.
Solid state amplifiers with differential output stages typically have an output impedance that is very low relative to the impedance of the speaker, so an output transformer is not necessary as with a tube amplifier. This also means that while an amplifier with an output transformer is a constant power device, a solid state amplifier without an output transformer is a constant voltage device, at least as far as the power supply and the output stage allows. A constant power device means that the power output is the same regardless of load, while a constant voltage device means that as impedance drops power output will increase. As we all know this increase can't be perfectly linear, but if it was it would mean power output would double as impedance halves. This means that, in theory at least, a robustly designed solid state amp without an output transformer "likes" a lower impedance speaker because it allows the amplifier to deliver more power output. Remember, a solid state amplifier without an output transformer puts out half the power into a 16 ohm load as it does an 8 ohm load; the power transfer function works both ways.
(I probably should mention McIntosh solid state amplifiers at this point, because, strangely, McIntosh uses output transformers on them. So for the purposes of this discussion McIntosh solid state amps act like tube amplifiers. Don't get me started about why McIntosh does this, but their amps are normally very powerful, and they work great regardless of the strangeness of their topology.)
Amplifiers with output transformers like speakers with a relatively constant impedance curve, and with an impedance level that closely corresponds to one of the rated taps on the output transformer. Since most output transformers have taps for 4, 8, or 16 ohms, historically most tube amps "like" 8 ohm speakers with crossovers that make the impedance curve nice and linear. Tube amplifiers "like" sensitive speakers because most tube amps have a low power output relative to solid state amps.