My two cents, and take this as my
opinion.
I'm familiar with the ripple modulation scheme, and I also know that Pritchard solid-state amps, for instance, have implemented modelling of that ripple modulation. (He calls it "fat"). So there are certainly people who feel it is an important ingredient in amp tone.
Personally, I disagree.
I have experimented with "artificial" voltage sag in solid-state amps. Basically that's about modulating clipping thresholds like B+ sag would do. To such scheme it is also easy to implement a 60/120 Hz voltage source for "ripple modulation" during extreme sag.
The unfortunate thing, however, was that I simply couldn't hear it doing anything in an A/B test against an identical system sans ripple modulation. Even when the modulation was ridiculously apparent in a visual image of the audio track. No, it just isn't that distinctive to hear.
Additionally, how realistic it is to expect that you drive an amp with signal having crest factor and envelope similar to a sine wave? Yes, such input signal most definitely reveals voltage sagging in all its glory, but -in practice- with real life input signals amplitude peaks tend to be quick transients and the average signal amplitude remains much below them. Such input signals simply won't push the amp into extreme, sustained sagging, which is exactly what is needed for ripple modulation to manifest itself. Yes, there might be brief pulses of sagging. Ripple modulation requires that the state sustains for several cycles.
Not gonna happen with typical input signals. Not gonna happen.
So, personally I can't really hear ripple modulation even if it's evident visually in oscilloscope screen, and I haven't generally experienced guitar amps to be driven to a state where voltage sag is both so extreme and sustained that ripple modulation could take place in full effect.
Usually when you need THAT much clipping and distortion rest assured it is generated in the preamp stages where noth sag and ripple modulation are rare occurences. Why, because you have class-A biased low current draw stages so not much dynamic in current draw characteristics, let alone not much current draw. Even "meh" filtering capacitance tends to be proper to AC bypass the supply rail. Yep, it effectively means "ripple" gets AC bypassed too.
