I have heard of them AND heard them. Toby is located in Fort Worth, and I've stopped by there a time or two. I think that Toby is mostly well-known for their bandpass subwoofers than anything else, but they do make some interesting HT speakers. Most of their HT designs use transmission-line configurations.
I don't think that the drivers are cheap, they're just made in-house. I'm pretty sure that aesthetics aren't high on thier list, it's more about performance. I was somewhat impressed with the HT speakers' ability to image and sound quality. I was somewhat less enthused about their low-frequency output. I felt like they didn't have much output below 100 Hz or so in any of their designs.
The subs that are made for HT are band-pass 10" design utilizing the 250W Parts Express amp.
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