Assuming a sealed enclosure type, the speaker will be required to move less in order to reproduce a higher note at a given output level. So as kyle was saying, a speaker with 6mm xmax may very well do better than one with 54mm, at the higher frequencies. Mids and tweeters certainly have less excursion than a XXX, but we know a mid or a tweeter would 'murder' a XXX in the midrange or higher freqs. Clearly other things play a factor besides xmax (which I know you realize, just saying).
There are many home audio and PA speakers whose xmax is appallingly low compared to what we are use to. But they have large cones, are highly efficient, and when mated with the proper enclosure (usually vented to extend LFE) can have outstanding output. People around here ooohhh and awwww when someone mentions that some home audio setups have 18-21" midrange speakers. unheard of to us, obviously. But not that uncommon in other venues. Car audio tends to make the most use of xmax, imo, due to the size limitations of the cone diameters and enclosure sizes expected to fit into a vehicle.
But yes, all other factors being equal, take that same 6mm xmax sub and double its xmax... and its output potential in the lowest octaves increases, in sealed box situations, generally speaking.
Some could argue xbl^2 offers more on paper than in the real world. After all, showing on paper that they produce virtually no audible BL distortion (the distortion type that accounts for the vast majority of distortion a speaker produces) seems VERY impressive. But in the real world, some people actually find they prefer the sound better with the distortion in it. Go figure.