Discussing dynamics I usually differentiate between macro ("jump factor") and micro dynamics, the latter being what
@morricab refers to as "downward dynamics", a great term as it describes how well one hears low volume details when the music gets real loud. The latter isn't easy to grasp simply because when actual dynamic is applied during mastering in e.g. music mastered for iTunes (my pet peeve being that the exact same remasterings regularly make their way to high-resolution downloads and streaming services), softer passages become more audible, and somewhere between real-life realism and elevator music, there's a dynamic compression level (as used to press LPs) most listeners tend to find acceptable, what I'd call "unoffensive". I can't stand it when people refer to this type of compression level as "analogue" sounding, even if they technically speaking have a point (that they're not actually trying to make) for the aforementioned reason (pressing maximum macro dynamics into vinyl grooves).
Now this impression I have that the systems we heard using Wadax show this quality of holding back in terms of macro-dynamic jump and liveliness, and show these unoffensive downwards dynamics that I'm guessing many will find make for easy listening is one all of my audiophile friends and acquaintances. Maybe we merely got unlucky, and besides, if what's more likely is that we're all hearing the exact same thing, and some like it and I (we) don't, that's fine with me.
To further explain where I'm coming from, I'm primarily a classical music aficionado. Tone and downwards dynamics are paramount for great classical music playback, whereas great macro dynamics are definite plus. From that perspective, playback that sounds "flat" to me (lacks in dynamic range, in particular both ways) isn't "offensive" to me, but tame, and not what I want. My personal preference is with a realistically dynamic sound BUT free from distortion.
I suffer from migraine and some digital playback will trigger migraines just like a flickering lightbulb. I'm glad to say noe the Wadax playback I heard had this effect. But at the same time I know from experience that dynamics have nothing to do with whether sound is "aggressive" - it can perfectly well be lively yet undistorted. All the times I heard Wadax I did find the sound undistorted, but lacking in liveliness (and each time the LP playback in the same systems sounded more dynamic, which doesn't match my experience with systems in which we compared LP or open-reel playback to e.g. dCS Apex or Lampizator).
Not sure I'm making myself clear? Besides, I'd like to mention that no one seems to understand I like both the dCS Apex (Rossini and Vivaldi) and Lampizator (TRP, Pacific and Horizon), as I do like different gear for different reasons, and feel I'm entitled to do so. There's no arguing tastes.
Greetings from Switzerland, David.