A lot of research was performed back in the 'old days' when solid state equipment began making its mark in the hi-fi world. 'Warm' and 'cold or hard' sound had everything to do with the way output tubes and transistors responded to input signals, especially as they neared saturation. When driven near clipping tubes and transistors sound very different. Also, transit times inside vacuum tubes and transistors are radically different. Does this make a huge difference at audio frequencies? Well...some people believe it does. If they truly believe tube sound is superior that's the equipment they should be using.
Frankly, I believe that if you enjoy playing music or home theater at high volume levels you should be paying more attention to headroom. This philosophy works for me but will not for others.
I liken all this to the way food is presented on your plate. For most people a nice presentation somehow seems to make the food taste better. For other people it makes no difference. If everyone was blindfolded the presentation wouldn't matter. All that would matter is the taste and texture. More wine?
I believe our preconceptions about our equipment choices has a lot to do with what we 'hear'. And that's perfectly okay as long as we don't try to push our beliefs onto others. I am NOT switching from Outlaw to Krell. Don't even try to talk me into it.

I'm too poor to even consider it.