I have heard almost every iteration of the Watt/Puppy except the very latest version. I would no way consider the bass of the 938 to be warm (if you're implying a bloomy bass). If you feed underpowered tube amp, yes it will sound bloomy as most other conventional speakers will. I find it to be tight, dynamic, and well extended provided you have the right amp with enough juice. From those who own the 968s, they find the bass of the 968s to be tighter, more dynamic, and better controlled than the 938s. I don't find the bass of the Watt/Puppy as tuneful as the 938s. From midrange on up, the 938s beat the Watt/Puppy by a good margin IMHO.