Honestly, it's all compromise.

Yes an attenuator will allow more power tube saturation but every attenuator out there alters the tone in it's own way.  A PPIMV allows the PI to get working which many people feel is a lot of the crunch to a hot power amp.

Those classic tracks on albums are everything -- the preamp sizzling, the power amp crunch and lots of distortion from those old Greenback speakers.  Not to mention the isolation booths and tones of EQ tweaking at mixdown.  *All* of that is the quintessential rock tone you hear on so many classic albums.  But we can't all have that.  I can't remember a time I could have cranked a 1987 (let alone a 1959) at a gig, it's why I don't own anything that big anymore.  So, we compromise....

Recording is much easier, a good soundproof studio. 

And outdoor gigs are pretty easy to crank at as well, you lose so much sound because it's not being bounce back by anything that you have to crank up.

If you do not like the MV, just bypass it and try the attenuator...
I never liked the way MV works on my DC30, but as Wyatt says there is always something to compromise... Mine is a 15/30 watter and I can barely crank it!

master volume should work better if you get VVR too

Most attenuators only work well for the first 2 clicks (-4dB and -8dB normally), the THD ones sound way better than the Marshall one (can re-add the bass and top)

For live, Probably best to use VVR+PPIMV a little, + THD hotplate on -4dB or -8dB

For studio, Iso cab it