As Basil Rathbone said in The Lady in Green: “Oh, Watson, what a fool, what a fool I’ve been!”
A friend who’s been following this thread e-mailed me a possible explanation that is highly credible. Audessey technology utilizes both EQ adjustments and phase changes to modify speaker output. The ARC UI shows the level correction graphs, but those graphs (I think it’s safe to assume) do not depict any phase alteration information.
My room has no bass traps, so, yeah, there’s going to be some issues in the lower range of the audio spectrum. A phase change in the 50-200Hz range made in a speaker’s output could easily cause a significant change in perceived volume near the listening position even if no level adjustments whatever were being made. Seems totally obvious in retrospect, and now I feel a little bit stupid having not thought of it right off the bat.