For one thing, basing on how something sounds based on how its wave file looks isn't going to help. Adobe Audtion, for example, can "zoom out" on waves that look totally hot until there is some distinction.
It would also depend on how digital everything is. Don't Macronympha tapes have everything pushed into the red, yet, given their style and the format, people tend to say that works? There might be those who disagree. But in any case, it's a possible example of how, with Noise, turning all knobs to the right is sometimes just the most desirable thing to do.
Going by the download provided, what you've got there, I would suggest, are two totally different versions of the same piece, and hardly comparable. The vocal performances certainly sound different. For mine, the Steinklang version has a nice, gutter-sounding feel that I would prefer, as well as a bit more modulation and variation, while the L-White version just seems indifferent (going for that "cold" sound a lot of people like with their PE, I suppose). Don't care much for the vocals overall, though.