Ah, I guess the loopback configuration explains the lack of high frequency noise contaminating the sinewave........since you must be low-pass filtering the input at 48k/96k/whatever which yields the "cleaned up" display. (Maybe some other filtering happening within the ADC architecture as well.)
If you monitored the output with an external oscilloscope, I suspect you would something much different......owing to possible noise-shaping, and other noises induced into the output signal.
I'm wondering why you used the mic-input vice the line-input for a loopback test, but will read your webpage for your test description.
Soundcards have a variety of maximum output levels and they rarely match the maximum input level of the line-inputs.......and the Windows mixer can really add a level of confusion as well. ASIO drivers seem to alleviate most of these issues.
Of course, you're using a Mac so everything is much simpler.

Cheers,
Dave.