Spectacle: I see "spectacle" as work that pushes the limits of our notion of what we can do with the tools and knowledge we have at our disposal as a community of artists. An entirely-spectacle driven work would likely give the audience a new way of generating content, but lack in self-awareness or meaning that transcends its time and medium.
Speculation: I see "speculation" as an experiment of some immutable artistic concept in a novel way. An entirely-speculation driven work would probably cause the audience to question the way they think about a certain concept, but lack real world applicability as a product.
A few weeks ago I came with an idea for an idle-clicker genre of game called Penis Simulator. This was during a period in Concept Studio: Systems and Processes where we were to create work in response to a system within the body, and I was working with the reproductive system. I think my project erred on the side of Speculation while modestly dabbling in Spectacle. Penis Simulator gives the player a virtual abstracted representation of a penis and testes, and by rapid mouse clicks and dragging vertically the player can control temperature and testosterone levels to achieve the open-ended goal of raising over-all sperm count. The result was one of the rare few times I have seen that something as sexualized and perverted as a human penis perceived as a totally non-sexual, sterile object with simple inputs, outputs and controlling variables. My professor expressed her discomfort and called the project problematic on a few occasions but overall the game had a positive response both amongst testers required by the class to play my game as well as people interested in trying it out of their own volition. I see my work so far as a proof-of-product and want to use what I have learnt from Warburton's argument to integrate a more substantial element of spectacle into the speculation piece I have created.