The regular brown Excelsiors had an OEM speaker with an Excelsior sticker on the magnet. The Excelsior Pros came with an Eminence 1518 speaker.
The Eminence 1518 is considerably louder, clearer, and cleaner. A great speaker in a fun amp.
I’ll play spoiler, but I do know good tone when I hear it.
I bought an excelsior off of craigslist about a month after they first came out.
Didn’t like it at all/didn’t give it a chance, so I passed it on to a bandmate.
He played analog/modular synth through it for about three years. With all the super low lows, and super high highs that go along with that stuff.
Then we started practicing in the room above his garage, and I saw the amp after I had forgotten about it for three years.
So next practice, I didn’t bring my amp and I played through that - and it was amazing !
Original crap fender, excelsior labeled speaker. That had seen serious abuse and playtime for three straight years.
It sounded soooo good.
I later got excelsior that had the Bill M mods done to it and the upgraded eminence speaker and - it left me cold.
So there’s one vote for the original junky Excelsior with a junky Excelsior speaker.