Just thought I’d ad my two bits as I have a lot of experience with the SLP-05. I do not work for Cary Audio. First off avanti1960 is correct. The two “Balance” controls, essentially extra dual mono controls, can be turned down so you have plenty of range on the main volume control. If you want to be able to adjust the main volume control to 12 o’clock, then set it there and adjust the two balance controls until you find a comfortable level. This accomplishes the exact same thing as buying an external set of volume controls.
The main volume control in the SLP-05 is a motorized Alps Blue Velvet control. Fairly good controls. The other two balance controls are pretty cheap crap controls. And yes the quality of the controls will affect the sound quality. I know some people have wired past these two controls to get them out of the circuit and yes, it is noticeable. In the old days we used to be able to get the Tokyo KO-ON Denpa stepped attenuators which were fantastic and yes expensive! Khozmo now makes some really nice controls.
A poor quality control will add grain, noise and cause a loss of the overall clarity and smooth character of you sound, etc.
Another thing that can be done is to get the ultimate upgrade that Cary offers. One part of the upgrade is that they change the plate and cathode resistors which reduce the gain some and also improve the sound. There is a lot more done but this part is of interest to you. This upgrade is totally well worth it and dramatically improves the sound quality. I would also have them wire passed the two balance controls unless you really need them. Or purchase two really good controls and install them in place of the two inside the SLP-05. I don’t recall the value of the two but it is stamped on the casing of the controls. I know the main Alps is 100K.
Just like any part in the circuit or a cable, etc. The controls make a difference. Now whether your system can reveal that or you’re ears can hear that difference is where you draw the line on how far to go and how much to spend. Don’t forget, if you add external volume controls that also means more cables.