Short answer: the JBL 4367 for better sound quality, the KEF Reference 203 for the lower price. The JBL 4367 ranks #11 of 56 floorstanding speakers at $16500. The KEF Reference 203 ranks #12 at $5000, $11500 cheaper.
What the JBL 4367 gets right: Three-way design pairing a 15” front-ported woofer with a compression driver on a controlled-dispersion horn/waveguide, crossed over at 700Hz. The catch: At roughly $16,500/pair, this is a major investment - the reviewer recommends buying from a dealer with a liberal return policy.
What the KEF Reference 203 offers: An unusually accomplished 4-way design for its era: excellent on-axis linearity (within about +/-3dB), genuinely good directivity both horizontally (~55 degrees) and vertically (~40-50 degrees). Watch for: This is a 20+ year old, long-discontinued speaker only findable secondhand (Facebook Marketplace, Craigslist, audio forums) - condition, driver matching, and component aging vary by unit.
Buy the JBL 4367 if sound quality matters more than the price. Buy the KEF Reference 203 if the price matters more than sound quality.
Specifications Side By Side
| JBL 4367 | KEF Reference 203 | |
|---|---|---|
| Price | $16500 | $5000 Discontinued |
| Ranked | #11 of 56 in Large Size Floorstanding Speakers | #12 of 56 in Large Size Floorstanding Speakers |
| Bass Extension (-10dB) | 31Hz (measured, Erin’s Audio Corner) | 37Hz (measured, Erin’s Audio Corner) |
| Bass Extension (-3dB) | 43Hz (measured, Erin’s Audio Corner) | 51Hz (measured, Erin’s Audio Corner) |
| Dimensions | 37.2"H x 22.2"W x 16.8"D (944.9 x 563.9 x 426.7 mm) | 1067H mm (42" tall) |
| Impedance | 4 ohms nominal (5.3 ohms minimum above 80Hz, measured by Erin’s Audio Corner) | 8 ohms nominal (3.6 ohms minimum, measured, Erin’s Audio Corner; 3.2 ohms per manufacturer spec) |
| Sensitivity | 92.5dB (measured average, Erin’s Audio Corner) | 88dB (2.83V/1m, measured by Erin’s Audio Corner) |
| Drivers | 15" (380mm) 2216Nd-1 Dual Differential Drive® woofer, 3" (75mm) D2430K dual compression tweeter | 1x 0.75" supertweeter, coaxial 1" dome tweeter + 6.5" midrange, 2x 6.5" woofers |
| Weight | 119 lbs / 54 kg each | 58 lbs / 26.3 kg (58 lb) |
| Woofer Cabinet | ported, front | Bass reflex, with switchable flat/cut/lifted bass ports for wall placement |
| Crossover Frequency | - | 400Hz, 2.7kHz, 15kHz |
| Discontinued | - | Yes |
| Frequency Response | - | 55Hz - 55kHz ±3dB (Manufacturer specified) |
| Recommended Power | - | 50-200W |
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The Two Speakers In Full
JBL 4367: $16500
Pros: Three-way design pairing a 15” front-ported woofer with a compression driver on a controlled-dispersion horn/waveguide, crossed over at 700Hz. On-axis frequency response is nearly dead flat, holding within about ±1.5dB, with the listening window tracking it closely except right at the crossover. Distortion stays below 1% THD across the entire audible band at both 86dB and 96dB. Compression/dynamic-range linearity is exceptional - within about a quarter of a dB from 76dB to 102dB, among the best the reviewer has measured. High sensitivity (about 92.6dB average) eases the amplifier match despite the speaker’s size. Minimal rear radiation thanks to the 15” woofer’s directivity and front-firing ports - rear energy runs about 20dB down from the primary wavefront, giving it a near-cardioid radiation pattern. Well-controlled horn directivity keeps the soundstage from noticeably shifting in width across the 700Hz crossover region. A natural high-frequency rolloff above about 7-8kHz gives it an easy, non-fatiguing character for extended listening sessions.
Cons: At roughly $16,500/pair, this is a major investment - the reviewer recommends buying from a dealer with a liberal return policy. Vertical response shows dips beyond about ±10-20°, with a larger null further out - an inherent trade-off of mating a 15” woofer to a horn compression driver at a 700Hz crossover, since crossing lower would hurt power handling and dynamic range. Horizontal directivity isn’t perfectly consistent with frequency: narrow (about ±20°) through 200-800Hz, briefly widening to near ±50° above the crossover, then narrowing again at high frequency - an unusual, non-constant pattern. The high-frequency rolloff that gives it an easy-listening character also reduces the sense of air and space in the soundstage when listening from off-center seats. Massive and heavy (about 120 lbs, roughly 36-37” tall) - needs to be raised on a stand to bring the horn to ear level, and isn’t something one person easily moves alone. Only modest EQ adjustment is available on the speaker itself (about ±1-2dB bass/treble trim).
Full JBL 4367 review and specifications →
| Bass Extension (-10dB) | 31Hz (measured, Erin's Audio Corner) |
|---|---|
| Bass Extension (-3dB) | 43Hz (measured, Erin's Audio Corner) |
| Dimensions | 37.2"H x 22.2"W x 16.8"D (944.9 x 563.9 x 426.7 mm) |
| Drivers | 15" (380mm) 2216Nd-1 Dual Differential Drive® woofer, 3" (75mm) D2430K dual compression tweeter |
| Impedance | 4 ohms nominal (5.3 ohms minimum above 80Hz, measured by Erin's Audio Corner) |
| Sensitivity | 92.5dB (measured average, Erin's Audio Corner) |
| Weight | 119 lbs / 54 kg each |
| Woofer Cabinet | ported, front |
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KEF Reference 203: $5000 Discontinued
Pros: An unusually accomplished 4-way design for its era: excellent on-axis linearity (within about +/-3dB), genuinely good directivity both horizontally (~55 degrees) and vertically (~40-50 degrees), and an estimated in-room response that closely matches what the reviewer actually heard. Distortion is excellent - under 1% harmonic above 80Hz at both 86dB and 96dB, and multitone stays around 1% even at 96dB. Bass reaches a real F3 of 51Hz (F10 37Hz), with in-room extension into the low-mid-40s. The reviewer’s overall listening notes were essentially “nothing stood out bad or good” - a genuinely neutral, accurate speaker with a distinctive rounded-baffle look that avoids the diffraction issues a flat baffle this wide would normally have.
Cons: This is a 20+ year old, long-discontinued speaker only findable secondhand (Facebook Marketplace, Craigslist, audio forums) - condition, driver matching, and component aging vary by unit, so audition before buying if at all possible. Demands a robust amplifier: impedance dips to about 3.6 ohms with an EPDR of 2.2 ohms. The small supertweeter shows minor breakup artifacts at the extremes of the vertical polar plot and some compression at very high output in the top octave, though neither was audible in normal listening. Discontinued.
Full KEF Reference 203 review and specifications →
| Bass Extension (-10dB) | 37Hz (measured, Erin's Audio Corner) |
|---|---|
| Bass Extension (-3dB) | 51Hz (measured, Erin's Audio Corner) |
| Crossover Frequency | 400Hz, 2.7kHz, 15kHz |
| Dimensions | 1067H mm (42" tall) |
| Discontinued | Yes |
| Drivers | 1x 0.75" supertweeter, coaxial 1" dome tweeter + 6.5" midrange, 2x 6.5" woofers |
| Frequency Response | 55Hz - 55kHz ±3dB (Manufacturer specified) |
| Impedance | 8 ohms nominal (3.6 ohms minimum, measured, Erin's Audio Corner; 3.2 ohms per manufacturer spec) |
| Recommended Power | 50-200W |
| Sensitivity | 88dB (2.83V/1m, measured by Erin's Audio Corner) |
| Weight | 58 lbs / 26.3 kg (58 lb) |
| Woofer Cabinet | Bass reflex, with switchable flat/cut/lifted bass ports for wall placement |
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