I am familiar with TVCs! None of what I have mentioned thus far is myth, and is not about TVCs. TVCs are a different kind of volume control, and not surprisingly, have their own set of issues, although generally speaking I think they can perform better than PVCs.
Dave did not believe me when we had a conversation about loading and how if the transformer is not loaded correctly, it will not express its turns ratio correctly either- instead will tend to express its inter-winding capacitance (Much to his credit, when he discovered that I was correct he conceded that immediately, which, IMO is a mark of integrity). And that is the chief issue with TVCs- depending on the unit, the load for the transformer varies with the setting. This results in distortion (ringing) at some settings and a lack of flat bandwidth (due to the inter-winding capacitance taking over as the chief coupling means). As a result, TVCs are quite variable, some excellent and some underwhelming depending on how well this is addressed.
In both the cases of PVCs and TVCs, I see them as really good examples of how badly designed some active line sections are if the passive or transformer unit comes out on top. So far I have yet to see either technology top the preamp in my system. But it is driving 30 feet of balanced interconnect cable and that might have something to do with it.