@pani,
touché: your description is dead-on. That said all but the best SETs suffer from their transformers: it usually sounds like there has been a cushion put on the music; yes, the flow is there but it somewhat sounds muffled and damped. Other than my Wavac I have only heard Kondo, top end Audionote and Reimyo not severely affected by this problem and none of them are cheap. Transformer design is the real differentiating factors on SETs.