I'm not sure why I feel like writing about this, because I know what I'm thinking is not scientifically based or even verifiable, and is likely to get blasted to shreds here, but...
1. People who like to listen to music through a tube amp typically don't care about their poorer objective performance. As long as the distortion and noise are not subjectively objectionable then the amp in question passes muster.
2. People who listen to music through a tube amp are usually looking for a smoother presentation of the upper midrange and low treble frequencies. When I was young and had saved up my first few hundred dollars to squander on a 'component' hi-fi system, I went about auditioning power amps and found I preferred the sound of a pair of then 20-year old Dyna Mk3 tube amps over an Adcom GFA-35, because the sound of Elvin Jones's cymbals sounded more natural to me through the Dyna tube amps. (I really wanted a McIntosh MC-225, but that was way beyond my budget.) I should have stopped right there, because those were pretty darn good amplifiers, but you know, I got sucked into the hobby and those amps are long gone.
So what makes the sound from a tube amp that ever-so-slightly different that some people find attractive? I'm starting to think that it's not so much the tubes but the 'sound' of the output transformer. The audio transformer is a very flawed device compared to things like capacitors, resistors, opamps, MOSFETs, even vacuum tubes. The transformer will have restricted bandwidth because of limited primary inductance, unavoidable interwinding capacitance, unwanted leakage inductance, insertion loss, etc. An audio transformer will introduce additional harmonic distortion, although high quality ones keep this very low. The output transformer is also a very expensive component, typically retailing for >$100 USD each (and you need two for stereo). With all that, why bother? Well...
If you visit a recording studio you're likely to find sound processing equipment that's loaded with audio transformers. Transformers can convert unbalanced signals to balanced and back again, and they provide isolation from DC (break ground loops, prevent hum). However, all that can be done with opamps too, much more cheaply, and technically better. So why do recording engineers use transformers? Often, it's for the sound. Really good audio transformers give a nice something to the sound. I believe whatever it is that they do is at work when you listen to your DAC through a stereo tube amp like the Dynaco Series 3 discussed here. The performance is
not better, but the slight change to the sound brought by vacuum tubes pumping the audio signal through transformers may be to your liking.
If the noise from the amp is at -95dB at full power output (about 20W rms) then it's likely to be inaudible at the listening position through loudspeakers in a typical listening room. We don't listen to the speakers with one ear crammed into the woofer voice coil. Once again, a good Class D amp will perform much better, but I have definitely noticed a different quality to the sound of cymbals, sibilants, etc. coming from my system with a Behringer A800 (class D) in it than with a Hafler P1000 amp (class AB MOSFET) driving the speakers. The A800 definitely lends more of a sizzle to the high frequencies. For $200 I am NOT complaining, but that's what I hear. The Hafler P1000 sounds 'darker', with less sizzle to the high frequencies (although it does sound a bit 'murky', probably due to higher levels of THD and therefore IMD). I suppose the Hafler amp is objectively much worse than the Behringer amp. Yet I enjoy listening through the Hafler amp more. I guess I have poor taste and you can safely dismiss anything I have to say.
Also...
the fact that old Dyna (and some other) machines are still in service and available to update 75 years after the fact? That is the better and really more important question to contemplate.
Wholeheartedly agreed! Turntables and vinyl records are like that too. I have CDs from around the year 1990 that failed and are no longer playable, but I have a wall unit full of LPs that I bought 20 to 50 years ago that I can spin whenever I feel like it, and they play pretty much the same as they did when I got them. Digital files? You know what they say... Your digital file doesn't fully exist until you have
three copies: 1) the working file, 2) the backup, 3) the failsafe backup. We've all had hard drives fail on us, and I've had several USB thumb drives suddenly die for no apparent reason (one I dropped and that killed it). I have two vintage turntables that are about as old as I am and they both work fine and sound really good. They've also appreciated in value by 4X over what I paid for them (including refurbishment costs).
Because good amplifiers reached a point of diminishing returns 70 years ago, in terms of transparency.
Wait... The accepted state of the art in audio power amplifiers in 1954 (70 years ago) was the Williamson amplifier, boasting 10 watts class A per channel from a pair of triode-wired KT66 *tubes*. (Transistors would not become widely available for another 10 years.) Are you saying there's been diminishing returns ever since? If so, then why not listen to a tube amp if that's what one prefers?
And there has always been a market for nostalgia and antiques.
Let me put it this way. Since we're talking about luxury/leisure products (nobody actually
needs a hi-fi), let's use cars as an analogy. For pure driving
fun, would you rather be driving a fully restored and tuned up Porsche 356 or Fiat Spyder convertible, or would you prefer driving a Mazda Miata, or even a Tesla Model Y? The contemporary cars are far more powerful, hold corners as well or better than the old sports cars, and are technically superior in just about every way. But fun to drive? Now we're getting subjective.
If I ran a recording studio, I'd be using Genelec monitors at the mixing console and perhaps JBL M2 for the big monitors. I'd be recording to DSD or perhaps 24/192k PCM, or maybe future-proofing by recording to 32/384k to keep up with the Joneses. Modern stuff, so that the engineers and clients can hear exactly what's going on.
But listening purely for my own pleasure? That's different.