Thanks, that's kinda what I thought.
Presumably the monster-distortion amps such as dual rectifiers do a little more than that? Does the fact of having "dual rectifiers" somehow produce more distortion?
Cascading gain stage is one way of doing it. Dual Rec's have an extra trick though.
5150's & Dual Rec's and others, have a cold biased valve clipping stage. Its basically a triode stage (half a 12AX7) with a big resistor on the cathode. Usually 39K. I think its 39K in the 5150 and Dual Rec at least. I think both these amps got that idea from the SLO-100. If you can read amp schematics you should see it. I think its usually done at the 3rd gain stage. It works the same way all clipping works I guess, but as with other devices used for clipping, the tone varies between them. LED clipping won't sound like MOSFET clipping and neither will sound like that valve stage.
'sag' is indeed the thing with valve rectifiers. there IS an debate about changing 1N4007 diodes in SS rectifiers for UF5408's or other hyper fast switching diodes. people claim it cuts some very high end fizz out of an amp. not sure I believe that. Neither would add gain, like BigB says.
EDIT: I'd also like to add, that I think although the rectifiers and filtering after them isn't always considered 'in the signal path' (I think it is considered in the signal path by some...), if you have a bad rectifier or bad filtering it can and probably will impact on your tone a great deal by adding harmonics of your mains frequency into your amp.