Its interesting how many people identify the sound of Live as muffled...
I wonder how a guy like mister henke can ignore that...
It scares me a bit..because when the offical statement is that everything is perfect... Than it probably will stay like this..
I have 'adequate' gear for some tests, not the best, particularly in regards to quality monitors. These tests were listened to with beyerdynamic DT-770s as I performed them using the mda TestTone plugin, they are the type similar to those used in adjusting analog systems.
Put the test tone plugin in an audio track.
Set the plugin level to 0db, sine wave output.
Stepped manually from 20Hz to 20kHz.
For all frequencies the display on the audio track channel remained level at the 0db "line" on the VU, with the fader aligned with that 0db mark.
For the master level fader, when the fader is set "right on the mark" there is a potential for clipping. The fader needs to be set in a slightly lower position than the audio track fader to achieve a steady 0db reading and to ensure avoiding 'red' clipping. Distortion from clipping is very noticable in the lower highs and mids.
Now, in the mid frequencies, I was able to hear a bit of "faint metallic warmth" at 0db but-- ok, is that the headphones, the sound card, the plugin... my tin head ringing from listening like an idjit to a pure sine tone when I could be having fun with clips... ?

so this is where the ol' oscilloscope could be useful to indicate funk in the waves a'la distortion(or not) and no I don't have one of those (I'm sure the Abes do and would not doubt that the official statement may well be borne out thereupon).
So if anyone is inclined, and you have some nice monitors and/or an oscilloscope, you might want to try repeating this test and seeing if you have the same experience of "faint metallic warming overtones".
Foir those afraid of rendering, I recorded this and rendered the output (44.1kHz 24bit) pulled it back into Live and dropped it into a track alongside the original test tone plugin track (turned down the master) identical readings in both audio tracks across all freqs, A/Bing I could not tell a difference between the two. At some point I will pull the rendered track into FLStudio, the only other app I have to see what it looks like there.
White noise set to generate at 0db measured 0db on the VUs.
At any rate, this stepped tones test would be one to try in Live and A/B with Cubase/Logic/Nuendo etc along with the white noise test.