No way it's a placebo. I listened to the same tracks for HOURS ON END. Literally around 4.5 hours on each setting. As well as having my nephew randomly switching it and not letting me know which gain it was on, in addition to keeping the volume at the same level when switching to either mode. I was bewildered by the fact of a high priced amp, soundling like **** in low gain. It should make no difference except for the output volume. But the SQ is definitly affected, WITHOUT A DOUBT.
The High gain sounds MUCH MUCH MUCH fuller and transparent. Also, the volume knob also does much more of a dramatic volume change when in high gain. i.e. the sound level is NOT the same between the two. Meaning the sound level difference from min-max on low gain, the quantitive volume changes were very subtle, almost like the knob wasn't doing much. On High gain, I could achieve the same quantative difference in volume with less than half the knob travel.
No duh that theres going to be less knob travel, but I'm saying if you could put a value on the difference between min and max volume, on the low gain, there was a span of like 5. On High gain, there was a span of like 10 between min and max. You would think the quantative amount of volume would be the same between both gain modes, the only difference being OUTPUT volume. Meaning if you had the same cans with only variences in resistance, you should have the same sound quality in low and high gain on thier respective cans.....but you won't because low and high gain sound SOOOO different. It's not just a volume change, there's definitly a change in SQ.