Really has a lot to do with a lot of things. Using dac as volume control, may be losing bits, volume pots have sweet spots, I'd say every active component within our systems have sweet spots. Still, I'd say its current supplied to loudspeaker and listening room that are main determinates. Higher current delivery to loudspeakers really wakes them up, louder volumes can energize room in pleasing manner. No doubt more efficient hearing at louder volumes. The quality of recording also has great bearing on energizing room, the quality recording has larger sound stage, more dimensional imaging, greater dynamics. Louder volumes only serve to further emphasize these qualities. You know you have a good system when you can play loud and not suffer any costs, other than damaging hearing and pissing off neighbors.