hmm..
lots of differing theories, so i might as well throw my hat in there as well..
the smaller the speaker, the more responsive, punchier and tighter the sound. but larger speakers have more natural cushy low end.
thus, a cab loaded w/ 10" speakers will punch and cut thru a dense mix, much easier than a slower moving 15" speaker. while a single 15" speaker wont need extra goosing of the bass knob for the pillowy fat bass feel.
and yet, while EQ does change things to a certain degree, speaker size does dictate the overall sound. i.e. adding more bass to a single 10" speaker will still sound like nothing more than a thick guitar string. and vice versa, adding more lower mids to a 15" speaker still wont punch or cut like a 4x10 cab.
and like munji and others alluded to, there are MANY 10" loaded cabs that thx to creative porting and well engineered drivers allow those cabs to reach crazy low lows, as skeptical some maybe.