For larger speakers and large furniture, chemical stripping and mechanical sanding will speed up the job quite a bit.
I would agree that for anything small like a wooden case for an audio component, hand sanding (with or without pre-treating with a chemical refinishing stripper) is the best idea. I would avoid a chemical stripper unless it is possible to remove the wooden case from the chassis completely, and remove all hardware, vents, grills, etc. Any chemical that can strip varnish would do serious damage to some electronic components, and can also strip the spray-on insulation on a printed circuit board. Capacitors in particular can be hurt by certain strong organic solvents. You also wouldn't want partially dissolved varnish sludge to get on anything electronic. These chemicals could also potentially affect screen printed or painted labels and lettering from the front panel of the unit. In a speaker, solvents could damage foam, paper parts, plastics, and possibly even the enamel insulation on the voicecoil wire, depending upon the exact chemical.
Several people have noted the importance of sanding with the grain. That is very important. An orbital sander takes some skill to use without putting in swirl marks, and you can get into trouble a bit faster with one. It is important to use the correct types of paper, with the correct series of grits, in the correct order, starting from coarse to fine grit. If you want a glossy finish (with a really hard wood) you may end up using 1000 grit or even higher on the final sanding, whereas 600 might be okay for a rougher finish.
Try to use something good and flat as a sanding block. This will help the evenness of the sanding. Also, be careful on corners and edges. The sanding pressure (force applied divided by the area it is applied to) is much higher if you sand hard on an edge or corner, and it is easy to blunt the corner and even sand through the veneer.