Yeah, I don't know what the exact effect is -- it may be as simple as smaller speakers only being able to play cleanly at lower volumes where the ear tends to roll off the perceived bass and treble (the old Fletcher-Munson loudness compensation curves). The M40s seem to be able to play loud enough to sound full (and they kick out a surprising amount of deep bass) but I don't think they have a lot of headroom to spare.


M60ti, VP180, QS8, M2ti, EP500, PC-Plus 20-39
M5HP, M40ti, Sierra-1
LFR1100 active, ADA1500-4 and -8