Just wanted to share with you guys a product I found that works really well for this. Loctite vinyl, fabric & plastic flexible adhesive.
We had a 4" tear in the speaker surround on one of our PA subs- a Peavey PV118. Not a lot of money in it, so I really didn't want to spring for a re-cone. I applied a layer of adhesive, then a patch cut from a dryer sheet, then a second layer of adhesive over that. I also put a layer of adhesive on the back side of the tear.
Dries in about 2 hours, fully cures in 24. Fired it up just now and it seems to have done the trick.
It's not the prettiest repair... I suppose I could have dyed the patch black before I applied it, but I was afraid the dye might weaken the patch. I'll probably color it black with a sharpie before I put the grill back on.