Xmax is the LINEAR travel of the coil within the gap. They can be rated in two different ways however. One is the amount of coil overhang that is out of the gap at rest, or the other is the 71% BL point on a Klippel or Dumax graph. Xsus would be the physical travel limit if the suspension. Xmech would be the physical operating range with everything taken into consideration. Basically if Xmech is less than Xsus, the coil will bottom out or completely leave the magnetic gap long before the suspension runs out of steam. The opposite is true as well. If Xsus is less than Xmech, then the suspension will lock up before the coil bottoms or before the coil completely leaves the magnetic gap.
Low frequency output is directly related to displacement, IE cone area AND suspension travel. Excursion is just one half to that equation. Think of this as being similar to an engine's displacement. It is measured by calculating the bore (piston surface area) and the stroke (piston travel). You'll see that the same goal can be accomplished in two different fashions, but both will come with their ups and downs. In the speaker world, those trade offs are up to you to decide which is more important.