Cumulative spectral decay (CSD) or waterfall plots measure energy content over time across all frequencies based on a "sound burst" that excites all frequencies. They are sort of like a FR over time (technically not really as they measure energy throughout the band in successively smaller windows over time.) These plots are a good tool to "see" driver ringing or resonances (seen as ridges), which typically sounds bad (piercing, glare, shoutyness, etc.); and how fast and cleanly the driver decays (speed and extraction of low level information.)
For a perfect or near-perfect response, the decay should be immediate. We first see a wall (meaning all frequencies are excited) at the beginning. The next few fractions of a millisecond, the wall collapses into silence (meaning the driver is no longer vibrating or sound waves are no longer bouncing around inside the headphone enclosures.) The back wall at time = 0 is basically an uncompensated frequency response. Successive plots over time move toward us.
OLDER LINK / Types of driver ringing: http://www.changstar.com/index.php/topic,71.msg219.html#msg219