I think the paragraphs below (taken from the provided link) covers the topic of valve amp distortion and transistor amp distortion in a fair and even manner - although the matter is only touched on lightly.
It would be untruthful to say that valve amps distort and transistor amps do not. In essence both items distort - just in different ways. Take your pick.
http://en.wikipedia.org/wiki/Valve_amplifier
Class A single ended triode amplifiers (Known as "SET"s) have a characteristic distortion spectrum, a simple and monotonically decaying series of harmonics, dominated by modest levels of second harmonic distortion. Second harmonic distortion is musically equivalent to adding the same tone one octave higher to form a chord. In this case, the added tone is at a lower level (typically 5% or less at full power in a no-feedback amplifier) but the effect is to "fatten" the sound.
Transistor amplifiers are almost always class AB push pull, because for a given power, Class AB allows cheaper amplifiers, and push pull topology tends to cancel even order harmonic distortion products. The resulting distortion is therefore dominated by odd order harmonics, which to human sensibilities sound "harsh" etc
Transistor amplifiers made during the 1980s typically also had extremely high gain, but poor open loop linearity, and relied on large amounts of negative feedback (NFB). Some consider that NFB does not sound "natural" or "musical", due to errors in the way it reacts to transients. These errors also reveal themselves in very complex distortion spectra, that humans find "discordant".
In contrast, triode valves typically have only modest gain, and are extremely linear. This makes it possible to design very simple valve circuits that rely on this inherent open loop linearity and have little, or indeed no, NFB, and thus have very simple distortion spectra.