Right LJ, on Sell Out they still were playing in their "hold back until the last possible moment" style, which they did better than just about anyone else. They create an incredible amount of tension, letting it build up inside until it just can’t be held back anymore, whereupon it is finally released. Very sexual! "I Can See For Miles" is their masterpiece song, the ultimate distillation of their style. As time went on, it was all about the release, without the holding back that is necessary to create tension.
An ironic illustration of the Who’s tension-and-release style can be heard by comparing their version of "Shakin’ All Over" on the Live At Leeds album with the Guess Who’s (there’s the irony!) earlier studio recording of same. Both are modeled on the Johnnie Kidd & The Pirates (a very influential late-50’s/early-60’s British Rock n’ Roll combo) recording, but it is in the Guess Who’s version that an almost unbearable amount of tension is first created..........and then released---to great effect.
Unfortunately, by the time of Live At Leeds, The Who were passed their prime, and no such tension is created---it’s all release. Which is, therefore, rather ineffectual. The recording also documents the bombast you noted, as well as the hoariness and heavy-handedness of Daltry’s singing. Add to that Townshend’s gratuitous attempt at playing a guitar solo---not his strong suit---and you have a real mess. And it was a hit!
There is another example of a song in which I hear the great tension-and-release effect: "I’m On Fire" by The Dwight Twilley Band. Absolutely explosive!