i believe wave guide is a generic term, not sure if bose patented it. if they did the duevel planets could be facing a suit. 
Not only do the chrome spheres get everyone talking, but they also function as precision wave guides designed to disperse sound in a perfect 360 degree pattern. This is called "omni directionality." Omni speakers are a rarity in high performance audio, simply because they are much more difficult to design.
from http://www.urbanfidelity.com/planets/technology.php
A good explanation Mark and you're absolutely right - the ball disperses the sound which possibly gives it a different flavor than if the speaker is directly positioned or pointed to the listener.
Its really a tough act to follow as both the material of the ball (as well as if its solid or hollow) & its distance to the driver would greatly affect its sonics.
Anthony also added an attenuation knob for the tweeter which one can adjust to their liking - so instead of messing with different speaker wires & ICs, you could possibly use ordinary wires & cables & adjust the knob to your preference - a novel idea.
While I'm guessing this is priced lower than a pair of commercial bookshelf speakers, its still worthy of an audition and if you like it then you would have a great conversational piece to your friends/guests at home
