The obvious absence of tone/loudness controls on hi-fi equipment is one of the strangest paradoxes of this hobby, and is a reason why many audiophiles are considered waco's (that's in reference to another thread currently active). As someone aptly mentioned, audiophools have no trouble keeping a stable-full of IC's, speaker cables etc. that are used as de-facto tone controls. It's well known that your room and the listening environment is one huge tone-control. Audio components all have distinctly different tone-control signatures. Studio-recording engineers are butchering and over-processing live material.
And yet, despite all of the above, a true-blue "audiophile" with foam on his mouth will rebel against any sort of EQ in one's system under the phony pre-text of some mythological distortion...Lunacy? You betcha!