Interesting. I always thought Holt started Stereophile to counter what one could call the Julian Hirsch/Stereo Review Mentality - which is arguably closer to the prevailing philosophy of this forum.
My recollection is that Holt's reviews did not include measurements.
To be sure, Holt did not pull punches.
Holt's grievance was his claim that manufacturers (ie, advertisers) had 'too much' influence with magazine (
Audiocraft and
High Fidelity) editorial content. The original
Stereophile was ad free, essentially a one man show, and you never knew when you would get it. Of course that was more or less the case with all of the small independents from those days.
Gordon did some rudimentary measurements, but nothing like you'd find in the pages of
Audio, Stereo Review, or
HF.
Holt eventually realized that it was impossible for him to 'go it alone', non-commercial. Let's face it, ads pay for the magazine, any magazine.
As far as the 'no bad reviews'? In
Stereo Review's case, Larry Klein chose the gear to be reviewed and sent it to Hirsch. That's why almost all the gear in SR received pretty good reviews--everything was pre-screened. But even with Hirsch you could read between the lines. Often what was not said outright, but implied, was more interesting than what was. Occasionally Hirsch would say something semi-nonsensical within an overall review context, and you knew he was pushing it to say something, anything, nice about the component in question.
On the other hand, manufacturers had an incentive to produce well thought out gear because they wanted Hirsch, Len Feldman and the rest to offer a positive write up so they could place it in their ads. There was real competition among manufacturers back then. Some manufacturers refused to play the game, like McIntosh, thinking they had nothing to gain by sending gear in for review. McIntosh was not tweaky enough for the undergrounds, and spec for spec it was difficult for the mainstream mags to recommend them when the Pioneer receiver on page 45 outspec'd whatever Mac was selling for double the price. So McIntosh stayed away while their well established dealer network and word of mouth endorsements carried the water for them.
The exceptions to the usual types of cookie cutter reviews in the mainstream press were
Audio's Richard Heyser (whose loudspeaker reviews remain examples of how it should be done), and possibly Bascom King, who was able to get away with 'subjective' comments--the latter questionable due to his lack of controlled method.