One (arguably the main) purpose of the microfilter is to isolate the DSL signals from the voice equipment, which would otherwise cause audible interference.
The (dare I say?) Wikipedia, article says:
A DSL filter is an analog low-pass filter installed between analog devices (such as telephones or analog modems) and a POTS telephone line, in order to prevent interference between such devices and a DSL service operating on the same line. Without DSL filters, signals or echoes from analog devices at the top of their frequency range can result in reduced performance and connection problems with DSL service, while those from the DSL service at the bottom of its range can result in line noise and other issues for analog devices.
My experience is that unfiltered POTS devices cause more issues for ADSL than vice-versa.
If you look at the circuit diagram of a typical microfilter, the line-pair is passed straight-through to the modem. That being the case, my view is that the filter serves two purposes:
1) It prevents DSL signals from reaching the voice equipment. Clearly DSL frequencies are inaudible but, when attached to modern electronic telephones, I'd speculate that these signals could play havoc with the transistors in the input stages, driving them in and out of saturation if the DSL signals were strong enough.
2) It prevents the telephone appliances from loading or 'absorbing' too much of the high frequency DSL data. Again, I'd speculate that this would be more of a problem with modern electronic phones, as they are likely to have a high-frequency decoupling capacitor across the line, largely to avoid the possibility of HF signals affecting audio. The corresponding electronics at the exchanged end may, however, be quite different.
All things considered I stress again, I'm only hazarding a guess. But I certainly find it conceivable that a problem with the exchange-end equivalent of a 'microfilter' could result in audible interference, with or without any significant degradation of DSL.
As an aside... I have in the past attached both a DSL router and a very old-fashioned (rotary dial) pre-electronic phone on my own line - both unfiltered - and, although the router connected a (only slightly) sub-optimal speed, both voice and data functioned well.
- 7LM