You are correct but that's why the back of the 4070 housing is curved and angled, with ample damping and bass reflex built in. The 4070 is a beast to drive properly though and that's why Stax only recommended the 717 for the job. It is remarkably free of the usual box colorations with only a hint of thickness in the midrange.
Oh crap, now I've started to think how a 4070 would sound with some damping and properly mounted drivers. Looks like I'll have to buy one again...
I've placed a bit on that 404LE on Y!JP so the rest of you back off. Also, who put in that insane 17k+Yen bid on the Alpha Pro Excellent?