I've been using the tried and true Howards Restore-a-Finish followed by Wax-n-Feed system for years on refinish projects. That's pretty much all you get on the internet when it comes to refinishing speakers and things like old McIntosh cabinets. The results have been very good, and it's incredibly fast and easy and requires almost no skill. There's also something good about keeping things original. The other day I happened to have a PBS show on in the background about wood finishing with real Indian shellac flakes (made from dead bugs BTW) mixed with alcohol. I was just about to start work on my L200's, so it grabbed my attention. I like all things weird and wonderful, so I ordered a pound of dead bug flakes. They got here a few weeks ago. You have to take the finish all the way down to raw wood, re-stain, and several coats of shellac are required along with some play it by ear mixing, and LOTS of hand sanding. After practicing on a pair of beat up L100's, I went to work on my beloved L200s. All I can say is holy crap! The results are simply astonishing, at least to me. After about five coats and two weeks, these things are starting to look amazing. Certainly not 100% authentic like the original oiled walnut, but there is so much depth and luxuriousness to the finish. It doesn't look like a newly refinished speaker, it looks like a perfectly preserved antique with the original finish. The guy on the show said the shellac will yellow slightly over time (centuries?), but that's a good thing. Here's a quick cell phone pic. I'll post more from a real camera later. This photo doesn't show it right, but the word I would use is "luminous." It's got a depth you don't get with the Howards system or modern poly finishes, which look all wrong to me.