Hi George, I'm going to disagree with you here, if only for the fun of playing Devil's advocate, ok...

I believe the iEMatch is basically this:
iFi folks, do you deny it?!?!?
Even if my circuit diagram isn't 100% correct, the iEMatch definitely changes the FR (I've measured it). And if it changes the FR, it will also change the THD vs f distribution. The question is simply whether you like that change in sound or not. I don't think there's an answer as to which is better, at least w.r.t. FR - it just depends on your preferences.
The advantages of this device are: 1) less hiss and 2)
if you like the sound of your IEM+iEMatch combo, then
that particular sound should experience minimal changes if you plug this combo into a random, high-z-out source.