I went through a phase a while ago of chipping away at the action on one of my Ps, making it lower and lower over a period of time. At one gig, I realised it sounded terrible - not clanky as such. just loads of barky mids, and no authority. The notes weren't very big acoustically either.
I raised the action back so something sensible, and it sounded fab again...
IME, of course..