Absolutely, this is my experience too.My experience is that the difference is pretty subtle until you hit about 9 o'clock on the morph knob. I can definitely hear the sound changing as you start counterclockwise from 12 o'clock, but it isn't obvious until about halfway down. I don't know if this is true, but it seems like the fuzz sound is the same throughout, just the pulse width gets narrower and more "pinched" as the morph knob gets below noon.
This is not at ALL the case for me. No matter what settings I use on the Oxide or my bass or technique, I hear almost NO difference between fully CW and noon. Do you really hear a big difference there? For me, all the changes happen between fully CCW and 10:00.I can also hear a very big difference between the morph all the way cw and 12 o'clock.
And this is with me alone in a room, my face directly in front of my speaker. In a band context, it would be even harder to hear change.