However, transformers do have drawbacks. Many speakers don't expect the
low damping factor transformers provide and they drive a lot of speaker
hot in the highs. There's a reason DC coupling is the standard in solid
state amps. It gives the output stage maximum control over the load.
We direct-couple our amps and they are vacuum-tube. An output transformer does not mean that you get a low damping factor. Its far more complicated than that!
Tube amps, including OTLs, can operate at voltage sources much like solid state. It all depends on the design and intention.
The thing is, with tube amps you get linearity, but usually not a low output impedance. So you add loop feedback and then you have the low output impedance. With solid state, you don't (usually) get linearity but you usually have a low output impedance. So you add loop feedback to obtain linearity.
The problem is that loop feedback, while suppressing distortion, adds some of its own in the process (this fact has been known for decades- see the writings of Norman Crowhurst). Some of it is IM distortion (which is highly audible) and some is higher ordered harmonic distortion (which is also audible). This is why amps with feedback tend to sound brighter (and also harsher) than amps without.
To this end, loop negative feedback is eschewed by many designers as they don't want coloration. Contrary to what has been stated elsewhere on this thread, its possible to design a speaker for an amplifier that has a higher output impedance (which it will have if it has no feedback). Such a speaker does not have to have a flat impedance curve either! Its also possible to find speakers that will obtain flat frequency response even though the amp has a high output impedance, despite the fact that the speaker was not designed for such an amp.
Its easy to see in the specs of the speaker when it will work with amps of higher output impedance. We've stayed in business for over 40 years doing just that. But there are also speakers that are designed with this expectation- Audiokinesis, Coincident Technology, Merlin, Altec, JBL, Tannoy...and many more. Intention also plays a big role.
So there is more than one way to obtain flat frequency response. The thing is, higher ordered harmonics are very audible to the human ear as the ear/brain system uses them to sense sound pressure. So if the system has more higher ordered harmonics than it should, it will sound bright and harsh despite the actual distortion being quite low. This is why amps with a high output impedance exist; its not because somehow we designers can't make them low impedance- we can! - its because we are trying avoid not just some colorations but **all** colorations, and a higher output impedance is a result of that. But no worries- if you want accurate reproduction that sounds like real music, look at it this way:
If the speaker requires that the amp employ feedback to sound right (regardless of why the amp has the feedback), **with today's technology** that speaker can't ever sound like real music- it might sound like a really good stereo, but it won't have the feeling of real music.