Yes, that's what I meant. My "new" receiver - New is a relative word - the Pioneer VSX-1014TX-K still has a Loudness function.

I was just wondering - why is there a need for this. JohnK answered it, but I'm not really sure I understand it.

Should I turn it on? I usually listen to my system pretty loud, would I still need it? Would it be detrimental to the sound if I listen at high volume settings?