It will depend on the design of the master volume, I suppose, with some designs being notorious for shitty sound, and others having a good reputation. Some will have less effect, some more, and at least in theory some shouldn't be a problem when you turn them up to ten. The thing is, anytime you put more stuff in the signal you will have an effect, even if it is just bleeding off some highs through the pot.
I'm not enough of an electronics guy to know about the design issues, but I can say that I have NEVER played a master volume amp that had an overdriven sound I wanted to play. They can do really pristine cleans, but I'm not much interested in those these days (even when I'm playing clean, I want a little dirt when I hit the thing hard).
The other thing, of course, is if you don't get the speaker moving enough air to make the cabinet move, you loose another major part of the sound.
It's pretty simple really, and kind of makes sense if you ask me. Little room=little amp. Big room=big amp. Turn them up until they sound right. Done. (It's not always 10, either - on my AC30ish amp I like it about 6-7.)
Really, though, go out and get a great amp without a Master Volume, and you will probably know exactly what I'm talking about about one minute after you start playing through it.
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