Yes, I would have assumed the audio was transcoding – I was referring to the amplitude. My apologies for any confusion.
And the amplitude is apparently run through a volume limiter first. I’ve A/B-ed the Tablo now with two different televisions, and as soon as I switch over from a show on one of my “regular” TVs to the exact same show on the Tablo Live Feed – without touching the volume settings on the TV – the volume drops miles. And the Tablo’s signal is equally quiet whether it routes to the TV through Roku or Chromecast, so I don’t believe either of those devices are causing the reduction.