The very early 2204‘s are lower gain amps, they don’t have the same circuit as the 2203 or 2204’s that followed.
I have some 2203’s and 2204’s of different years, the JMP’s have some lower B+ voltages which can make them feel squishier and a little quieter. I have an 82 2204 that’s louder and brighter
I've heard that early 2204s (and 2203s) are lower gain, but I have never seen any evidence of it. From what I have managed to glean over the last 30 years (I was a little late in taking an interest, as for the first 15 years of 2203/2204 being available, I couldn't afford one of them), the preamp circuit never really changed all that much. Turning a 1959 or 1987 circuit into a 2203 or 2204 is not a particularly challenging job either.
The UK JMP Master Volume models had plenty of B+ compared to anything that followed, as they were generally equipped with Blackburn-made Mullard valves. I think they probably lowered B+ in the early 80s when valve manufacture moved to less experienced factories. But late 70's 2203s move air like nothing else on earth, right up there with Hiwatt DR103s and silverface Fender Twins.
Those early Master Volume Marshalls tend to sound a little warmer to me, and some of that might be attributable to using up mustard caps and carbon comp resistors. Amps I've owned from '77 and '78 have a few of those components, and they might have seemed dated by the low tech at the time, but it's definitely appreciated nowadays. But squishier and quieter? Not really my experience. In fact my favourite 2203 (late JMP, 1980 I think, ex-BBC) is still alive and well and in my studio, and it's unholy loud, bright and lacking in squish. Possibly the most obnoxious amp I have ever come across, and has been looking after my tone production on and off for decades now.
The bit that really gets to me, and I know it's a bit purist, but 2204 Plexi? There might have been some plexi control panel Marshalls as late as 1973, but the 2203 and 2204 didn't surface until at least a couple of years later. I've come across lever rather than rocker switch 2203 models (and one of them was sublime, but unfortunately not for sale), but I have to doubt there was ever a plexi 2204 from the factory.
All of that aside, Fractal models of late 1970's Marshalls have been better than ever these last couple of years. Have never been sure if 200W "Pig" or "Major" models will add anything too significant to the omelette. I'll try one or both of them if they turn up, but if I'm honest, not really on the bucket list for me.
Liam