Greetings,
Generally, to create an illusion of loudness on small speakers one would introduce a bit of distortion into the stream along with boosting and cutting frequencies here and there to trick the brain into thinking its a louder, fuller sound. The distortion technique has been around for a while and it used on Public Address systems. Most of the Bogen gold seal series distribution amps have a button called "Aural Exciter" or something of the nature that introduces this distortion. It might sound better at first but can cause damage if you are pushing your speakers.
The other effects can be created by adding delayed reverb, etc. and with some fancy signal processing (if the person is sitting in the right spot) and one can make it sound like something is coming from behind
Technically here's the spin they give it:
"WOW is actually an integration of 3 unique sound effects: 3D Sound, Focus and TruBass.
<P class=copy><FONT face="Arial, Helvetica, sans-serif" size=2>3D Sound retrieves the spatial information from any stereo recording and restores the original three dimensional sound field. The result is a much fuller, realistic and rich sound experience. Focus corrects for the positioning of a sound source by selectively shaping the frequency characteristics of the input signal. The result is an optimal sound image, regardless of the location of speakers, headphones, etc. When combined with 3D Sound, Focus creates a completely immersive sound experience, much like that which was experienced at the time of recording. TruBass provides deep, rich bass to small speaker systems without the need for a subwoofer. For systems with a subwoofer, TruBass complements and improves the bass performance. TruBass technology actually monitors the low-frequency content of an audio signal and continuously optimizes the frequency and amplitude spectrum of the output signal. The result is a fuller bass perception without some of the traditional side effects (vibrating walls, sound distortion, etc.)
"
I have tried the built in effects in MusicMatch and unless you're listening to a horrible compressed recording (MP3 files for example) or over those little Klipsch speakers that everyone is so fond of, don't bother</FONT>