Yes, but not how I think you mean it, in terms of imbuing the sound with a rose-tinted coloration. Correct me if I'm wrong there, though...
However, what I'm referring to by 'tone' (and I think Alex is also) is a natural warmth and richness, which is very much a vital part of the sound of real instruments and voices, but often 'emasculated' by some equipment, usually of the modern variety.
It takes us back to the whole issue again of 'voicing'...
To my ears, there has unquestionably been a sea-change in the type of sound that is considered now as 'the norm' or 'correct', and reproduced by today's hi-fi equipment and speakers, compared with how things were in that respect, 20-30 years ago - and it's smack-bang in the zone of trading 'tone' for detail retrieval and some false notion of 'squeaky-clean clarity', which computer software/measurements say is 'accurate', but (discerning) human ears don't.
And for me, it's a major contributory factor as to why many find digital music replay harsh, cold, 'grey and lifeless', or whatever, simply because the majority of digital equipment today has the type of sound I've described in the previous paragraph 'designed in', simply to comply with what these days is considered commercially as 'accurate', which trust me, it isn't!
I could talk about this much more, but I'll leave it there for now.
Marco.