I don't know about that. The only point of comparison I have right now is my Reverb G2, the other headset I still physically own. I don't notice any particular loss of presence other than the fact that the Frame's speakers don't produce as much bass. Interestingly, you can perceptively improve its bassiness, or at least its loudness, by cupping your hands behind your ears to catch the otherwise wasted sound coming from the speakers since they fire backwards. This probably has some tiny impact on the spatial effect it produces, but I haven't explored that thoroughly because also need to, you know, hold the controllers.

Headsets with over-ear speakers of some description on them probably sound marginally better, but they're also much more of a hassle to put on and take off, and also to adjust for other users. That's probably why Valve didn't go with that method by default. I can tell you for sure that the speakers on my Reverb are forever causing me problems, and are easily the most failure prone component of the entire headset (aside from reportedly its cable, which I haven't ever had a problem with and seem to be the only person on Earth who hasn't).