High CO2 is toxic to yeast, hence solids lead to better fermentation, lower esters. After about 8 hours there is the first peak as yeast growth slows down. Thus control of esters is best performed within the first day or two of pitching. I think that basically science attempts to explain things we observe in nature. If science does not explain our observations, we are possibly measuring the wrong thing.
Science also says that yeast growth leads to greater fusel alcohol levels.
This could help explain the empirical evidence as reported by Tracy. So, in short, the jury is still out as far as I am concerned. I shall continue to research this topic and report here if I find anything interesting. This is why I'm interested in hearing results from individuals. Ester formation in brewery fermentations.