The sound quality of this device is dependent entirely on the quality of the resistive element and the contact material of the wiper, once implemented properly. A good pot can be extremely expensive.
If you look closely at the picture you'll note that the wiper is dividing the resistive element in two. In the example I show, A is a smaller area than B as divided by the wiper. This means that A has a smaller resistor value than B. If we were to actually measure these values we'd see that A is probably 25% of the whole and B the remaining 75%. If the pot is a 10k value (10,000 Ohms) then we could say it can be modeled with two resistors, the A resistor measuring 2,500 Ohms and the B resistor measuring 7,500 Ohms (the two resistors will always add up to the 10,000 value of the pot).
I mentioned the sonic performance of this device depends on the quality of that resistive element and the contact material of the wiper. There's no doubt the best resistive elements can be found in individual resistors and the best contact materials can be found on expensive switches - none of which is true of potentiometers. Thus, if we decide to use discrete resistors and a quality switch to select those resistors, instead of a pot, we would have a better sounding volume control. This arrangement is known as a stepped attenuator.
You can see in the picture such a device. The switch is nothing more than a series of contacts and, as you can see, there are four sets of resistors: two to make up the A and B combinations of our pot for one channel and another set for the other.
The advantages of a stepped attenuator are the possibility of better sound because of the parts quality. The downside of this arrangement is the volume is controlled in a series of fixed steps and you may or may not like the step level.
There are pots that can come close to the performance of a stepped attenuator, but rarely do they.
Most high end preamps of today use an electronic version of the stepped attenuator, replacing the mechanical contacts of the pictured switch with either relays or electronic relays.
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