From the Stereophile review
...Above those ports and the woofers—which feature "Aquaplas-treated Pure Pulp cones," dual voice-coils, and neodymium magnets—there's a horn (JBL calls it a waveguide)...
After all of the abstruse and esoteric discussion of horns vs. waveguides that I've pored through (here and elsewhere), now I understand. Per no less of an authority than
Stereophile, it's a waveguide because "JBL calls it" one.
I knew it!
In all seriousness, I am enjoying the review so far -- just had to take a snark-break to report the above.
I lived with a pair of "A" series Valencias for quite a while (and for which I paid "real money"... at least by my standards). I did have two quibbles with the Valencia -- a lack of high treble (which, nowadays, I might not even be able to hear) and low bass. The stuff in between they do vividly well. That Altec/VOT "Technicolor" sound (rather literally, actually, if you think about the proliferation of VOTs in movie theaters for decades).

(oh, that 416 woofer is
so beautiful)
Still a big fan of the Altec sound... but I get at it in a somewhat
apostatic (is that a word? If not, it should be!) way.
More to come on this review, I'm sure...
EDIT: Jeepers, I just read the words
pellucid transparency in that
Stereophile review. I wonder if the author knows how redundant that phrase is?

(EDIT^2 OK, maybe he's playing off the musical definition of
pellucid -- but it's still kind of
skeevy, if'n you ask me).