Looping back to PJ's and Ralph Karsten's points about the relationship between distortion and perceived "dynamics" (punch, loudness, slam, etc.) As I interpret him, Karsten suggests that the ear/brain uses the presence of higher order harmonic distortion as an indication of loudness. So, for example, 1 kKz tone played at 90dB will sound softer than the same 90 dB 1Khz with a tiny amount of added 2nd harmonic distortion (2KHz). In the presence of the 2kHz distortion, the brain will produce the experience of a loudness that isn't really there: if measured, the two tones would have equal loudness.
Karsten also points out that distortion is proportional to power output as a percentage of max power. I take it from this that, other things being equal, a 2W-max 45 amp putting out 1.5W will have more distortion than than a 8W-max 300B amp putting out the same 1.5W. AND that the 45 amp may sound "louder" doing so. Further, Karsten points out that transients produce peaks of distortion. So I think it follows that the same transient on the two amps may be perceived as much louder (punchier, having more slam) on the 45 amp. My pick of 45 and 300B amps isn't random. I have a bunch of past posts where I note that my SII-45 was my loudest amp - louder than my SII-2A3 and my Kaiju 300B. And in terms of "punch" it beat out the 2A3 (but not the Kaiju). This always baffled me. Perhaps I now have an explanation.
All that said, I'm not convinced that distortion, and in particular 2nd harmonic distortion, is bad. Ultimately, I don't really care what the amp and speaker/headphone is putting into my ears -- all I care about is how the ear/brain converts it to perception/experience. If distortion gets me to "that sounds great", I'm all for it. it's a question of the striking the right balance for my particular ear/brain interface.
cheers, Derek