I did some further tests and plugged the rear ports of the Fives. This seems to open up the sound a bit, and of course considerably decreases the bass, by too much actually. Not something I would do for long term use as I have no clue how that would impact the cooling of the speakers. I have three separate issues, which I think may or may not impact each other:
1. Bass even in Bass cut mode is a bit too much. This I say is due to placing of the speakers and the room itself. I can only place the speaker about 20cm from the wall, which seems to be not enough for rear-ported speaker. Also the sofa where I listen to is on the opposite wall. If I listen in the middle of the room, there is no boom in the bass, it's tight and fast. Listening on the sofa creates a slight boom.
2. Speech volume level/clarity is inferior to my TV. This I think is due to the TV's speech enhancement function, as in normal music this is not an issue. I tend to listen TV in low volume which makes this a bit of an issue, but depends hugely on the TV program and its recording. As a soundbar replacement such function in my opinion should be available for the Fives via the app. I hope time takes care of this issue
3. Highs are slightly muffled. This I have not found to be "curable" by the placing, may be its just the "colour" of the sound with these speakers. There is a slight difference to all my other references, which are not necessarily hifi standard. Again, EQ availability should be a default from my point of view.
Number 2 and 3 I believe should be fixable by the app, if Klipsch chooses to do so. Number 1 is not something I would so much blame on the speakers. There is a lot of great qualities to the sound, like stereo image, how they fill the room etc. And from my PoV there is a potential for superb sound. It may be the case for someone already who can place the speakers well, and always listens TV on reasonably high volumes for the speech not to be an issue.