Two way vs. three way is just a matter of how many elements there are in the speaker design. A two way speaker has a woofer and a tweeter. A three way has a woofer, midrange and tweeter. So folks like a mid-range type sound if they like maybe strong vocals, guitar, or horns.
Round vs. Rectangular? Mainly just a matter of placement. Round speakers go better in a ceiling, rectangular speakers better in a wall.
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> What does the term “2-way speaker” acutally mean?
> What is the benifit/difference between a circular speaker and a rectangular speaker if watts, etc.., are the same?