Unfortunately Paperw8, what you fail to realize is that the concept is quite simple. The Wadia is trying to do two jobs - that of a CD player and that of a preamplifier. It should come as no surprise that a top flight dedicated preamplifier, such as the Ayre KX-R, which is focused on a singular task, will outperform the all-in-one digital preamplifier in the Wadia.
Accordingly, you actually are entering into your analysis backwards since your basic assumption, i.e., that the Wadia produces an "uncolored" presentation, is incorrect. Rather, the Wadia is coloring the sound via the suboptimal volume control in its digital preamplifier.
With regard to your argument that there is no way to turn off the digital preamplifier in the Wadia; while that is technically accurate, even Wadia itself admits that the preamplifier portion of their players do the least harm to the signal as you go higher up in the volume range. Accordingly, 100 volume (i.e., using a preamplifier) must impose the least harm to the signal as it exits the Wadia.
My practical experience over many years with Wadia products, most recently the Wadia 861se GNSC Statement running direct, through an ML 326S and through an Ayre KX-R is consistent with the foregoing.
Notwithstanding the foregoing, you will get no argument from me regarding the fact that most preamplifiers on the market color the sound and that it is often just this coloration that the owners enjoy (whether they like the coloration itself or that coloration counteracts another coloration produced by a different component in their system).
