Transparency is an interesting concept. In audiophile terms, what does it mean? And what do we mean when we describe a system as "transparent"?
One way to answer your question is by trying to define the opposite: what is NOT transparent? When you listen to any instrument in a system and certain things are obviously off - e.g. thick lower piano registers (one of many examples) - then it is obviously not transparent in that area. When it has issues all around, it is not transparent all around. Why?
Well, years ago I was convinced that there are recordings that can sound Realistic; under the right conditions, they can give you the illusion of actually listening to a live performance. This does NOT mean recordings can correctly capture every single performance. So as you and I have discussed a couple of times in the past, if a system can give you the illusion of listening to live instruments or voices, i.e. render a realistic sound, I consider that system highly transparent. It may not be able to do that with every such good recording, so there are tiers of realism and therefore, transparency.
In other words, given recordings that can give the sense of realism, I tie transparency to it, if we define 'realism' as being fooled to listening to live music. As such, certain aspects of a system, as we discussed in your last visit to me the other day, are just not important from a transparency perspective. For example, when was the last time anyone went to a concert to listen to "imaging" - so who cares if a system can image well or not [again, from a transparency point of view]. Or, when was the last time anyone went to a concert to hear depth - so again, who cares whether a system can render depth well [again, from a transparency point of view]....
Moreover, the very definition of realism is multi-faceted: if you sit in the orchestra, that's one version of it. If you sit in the balcony, that's another; if you are on stage, as the mics are, that's yet another; and so on. So decide all frames of reference for realism, then judge a system based on whether it can portray any one of them; and then, that system will be transparent as referenced to that frame. For me, my frame of reference is where the mics are - and this is why I am looking for transparency to the recording.
Hope this helps