I always thought it was a matter of less output per driver with the oldest cap, thus brighter sounding with the new ones.
I believe that was his point.
The high ESR capacitors, which often have high leakage (forgot to point that out), are attenuating the signal. So there's less output because much of the signal is being converted into heat.
A lower-loss capacitor now passes more signal, so the driver is louder, often shockingly so.
I heard a funny story about someone who rebuilt a crossover for the original owner who had bought them in the 1960s. When he heard them he said, I haven't heard that sound since I brought them home!