Basically the volume level of a given CD is a function of its dynamic range. That’s why one is inclined to turn the volume knob higher (or lower) for some CDs relative to the one you just played. The louder the CD sounds at a given volume setting the lower the dynamic range. Example, Mercury Living Presence classical CDs generally have high dynamic range. So when you first play one you’ll notice the volume is rather low for when the volume knob is set at. That is to account for the large dynamic swings that come later, you know, so you won’t blow up your tweeters or woofers.
So, there is a happy medium for CDs with high dynamic range, where you can select the right volume and get the full dynamics of the recording. It’s subjective to some extent, obviously. That’s what the Loudness War is all about - providing high volume level but overly compressed dynamic range. Yuk! So, I’d say the trade-off is not volume for tonality, it’s volume for dynamic range.
So, there is a happy medium for CDs with high dynamic range, where you can select the right volume and get the full dynamics of the recording. It’s subjective to some extent, obviously. That’s what the Loudness War is all about - providing high volume level but overly compressed dynamic range. Yuk! So, I’d say the trade-off is not volume for tonality, it’s volume for dynamic range.