Should a reference speaker be neutral, or just great sounding?

Neutral, no color, Not warm. 
This is  a  great speaker,,, I am about to upgrade my Thor xovers,, with new Mcaps, M resistors , This should make the Thors the best sounding speaker for its size, budget in the world. 
Look fora  YT vid comming soon,,,parts are on order. 
Madisound  will build the new outside the cab xovers. 
Seas Meets Mundorf. 
The WOW factor should be off the charts. 
The caps in there now are the old legendary Hovland Musicaps , Huge yellow 10uf's.  X4 and 8uf's X2. 
Gonna run 10uf Silver Gold ,. each retails for a  wopping $220 each,,got a  pair used off ebay for $230. Just ordered a  pair of Silvergold EVO oil 8uf, as each Millennium take's 18uf capacitors, so 1 Supreme silvergold 10uf + 1 EVO silvergold oil 8.2 uf, the resistors will be Munedorfs Ultra R-Resist Foil. , $17 each. 
YT vid comming, new wires on drivers, taking out the copper flat wire will employ navships silvercopper 20 ga. 
= could be explosive. 
I will finally find out just what potential  the Seas Excel have,, plan to send a  video to Jadis, SEAS, Madisound and Mundorf. 
Just bought a  new mic for my vlog cam. 

Everyone’s “reference” will certainly be different

There is of course some subjectivity in Reference,,
Objectivity also exists when employing world class components. 
Seas Meets Mundorf. 2 world class labs. 
No, Seas meets Mundorf Meets Jadis, 3 world class labs. 
all 3 are truly reference components, 
Not opinion, thats objective facts, read the reviews. 

For a great recording, you want a neutral speaker. Any speaker can sound good, given a recording with complementary flaws. But to have the highest percentage of good listening experiences with audiophile recordings requires a neutral speaker.

 good detail imaging ,soundstaging is essential . the tonal balance the internal voiced Xover network will dictate how nuetral or tonal balance . A lot depends how much $$ you have to spend .
i prefer to buy used save at least 50%+ 
and then rebuild ,or have someone putin top quality xover components 
many companies cheat in this area 
they just put in  Average since you can’t 
see what’s in there .i know by Many years experience,and many speakers.

When I was younger and read Stereophile and Absolute Sound every month, I often felt that when reviewers either listed their equipment as reference or the device they were reviewing was called reference, it meant several things to me; it was out of my price range, it must have some unobtanium sound qualities that only few people get to experience, and the company received some publicity based on the magazine review.

 As I got older, I learned, and as others have stated, it can be either objective or subjective. Who makes the determination if a product is to be called reference? Lately, some audio companies are pushing out their so called reference products at ultra exotic prices. So, perhaps, the audio industry is in some ways pushing reference products from their perspective and people who are interested in absolute state of the art by said company, are buying these products. The reviewers have a new reference product to review. But, when did reviewers start arbitrarily start calling products they reviewed reference? Or, why do reviewers call their system reference when reviewing components? I can easily say I have a reference system too. In fact, I reviewed xyz, and used my reference system consisting of McIntosh MC2301, octave Jubilee reference preamp, Transrotor Apollon TMD turntable, Clearaudio MontBlanc stand, and Shunyata power cables. In my humble opinion reference as used by reviewers indicates a level of experience where differentiations in equipment can easily be identified and extrapolated whereby a review uses the superlatives we often hear describing high end or reference products. 

I give up...too much to ponder. Reference is what anyone wants to call it, therefore, my system is a reference, yours is a reference because after all, you are comparing it to everything else. One last thing, what is the baseline to match the reference statement? Is it technical specifications, sound, build quality, etc.? That seems to me, at least from my foxhole of experiences, the confluence of definitions.