Presently I have put it back in the box pending construction of a proper amplifier. While checking if everything was OK I was using the Listening mode as it is the default. I only started messing with the menu on day 3, and did not get a chance for extensive comparison. The monitoring mode was my eventual preference.
I am very poor at describing things subjectively, however to me it seems that in Listening mode there is a small dip through the midbass to make the overall sound appear a bit more forward. Whether this is simple EQ or something more involved I do not know, but the difference is quite minor. The filters (which have a separate submenu) have overall a more pronounced effect. You do lose a very small amount of upper midbass detail, some specific sounds on some specific tracks tend to recede a bit.
I would hazard a guess that the impact is too minor to worry about. Both voicing seem acceptable, nothing offensive. Just moving your speakers about a bit, or moving closer or further will have far more change than the one setting.