Based on the speakers I have at the moment, if the high end is hyped it places instruments like guitars, percussion, and vocals closer to you, almost like a holographic effect. This creates a sense of depth in the recording.
My other speakers measure more flat, and everything, whether it's hi hats, vocals, or the kick drum, all sound like they're coming from the same place, at the same volume. It's... a boring sound.
And it may just be my room, but I feel like ported speakers throw the bass more, so you get the impression that the bass is coming from... all around you. I know bass is omnidirectional so it shouldn't matter the source, but in the same room I get a distinctly different impressions from the ported and non ported speakers I've used.
So I can definitely attest to that "dry" monitor sound.
But a grain of salt and all that. I'm no scientist.