Both OTL and transformer-coupled amps can sound excellent with ZMFs IMO, just depends on the circuit and the quality of the parts. I think the performance ceiling for a transformer-coupled amplifier is higher, but you have to pay a lot more to get there. The main advantage of the custom / bespoke amplifier approach is the quality of the amplifier is not hampered by the limitations of a commercial product, which must be easy to produce, low cost to maintain profit margins, and will typically use new production tubes when certain NOS models might offer performance benefits. The best tube amplifiers in the world are being made in the DIY arena, which is the realm where the bespoke amplifier designers operate. The difference is creating something with performance at the forefront of the design ideology as opposed to focusing on profitability, which of course is completely warranted if you are trying to run a business and pay your bills!
Absolutely true!
Professionals have severe constraints as mentioned, I will just add another - showroom appeal! Appearance does influence customers especially in the shop, and good quality transformers and chokes are big, heavy and ugly .... but used correctly, they can contribute to the highest sound quality.
Remember that every $1 spent on components results in $5 to $10 added to the selling price. It is possible (not that easy, but possible) to make a high quality power supply with 4 chokes and film caps. With low resistance chokes and good design, regulation is not necessary, it is fast, clean, very natural. But the parts cost about £500 so for a specialised low volume market, that's £5000 added on top of say a £3000 product.
So the pro has to look to 0 or possibly 1 choke, electrolytic caps, and things like regulation to make it work, and they do a very good job at getting a reasonable result at the price.
But as suggested, bespoke builders may to an extent be able to do beat the constraints to an extent.
Myself, I have a good transformer coupled amp (Dave Slagle OPTs) and it's very good; my OTLs sound very similar but I find a touch more transparency so my opinion differs slightly from the above, that's life, no absolute truths here. Perhaps it's because I design for low distortion, with high value loads on the valves. Or perhaps I'm wrong.
A poster was asking about the 'best' OTL amp, and here I have a few comments.
There are always going to be compromises, even at the highest level. I use multi stage power supplies with chokes a lot, one thing is that good film/oil caps of low capacitance can be used and this gives high transparency, fine tonality, good sound generally. Even so, there is a compromise. The capacitance of the final cap is critical and to an extent, a compromise. Small value say 25uF (in a well designed and modelled circuit) gives the best transient response, clean and fast. But a higher value like 50uF can give a touch more bass, at the cost of slightly slower transient response. Differences are not great, both are fabulous and way better than any typical supply with big electrolytics; but if we are talking absolute best, cost no object, there is still a compromise and one has to choose.
I believe such compromised will generally exist even at the highest level, they are made by the manufacturer and give their 'house sound'; so to the customer, the 'best' will be the one you like best, not what someone else says.