I'd still be interested in hearing from a Luthier who builds as well as repairs guitars for their thoughts on how finish affects sound quality, and if it lessens it, is the protection the finish offers worth that loss?
How finish affects sound quality is an interesting topic. Many postulate that any finish has a deleterious affect upon the overall tone, reasoning that all finishes add a damping aspect to the mix. There is ample measurable data to the contrary. In many cases the finish actually aids in telegraphing the kinetic energy moving across the soundboard. I do not agree that an aural loss must necessarily be experienced by adding a finish.
Of course, you don't HAVE to finish the wood but, as Tom explained, in addition to more-than-likely suffering a visual cost for not doing so there is the increased likelihood of damage.
Finish components (chemicals/compounds) vary, but the rule of thumb is "less is more." This is where a shellac or varnish (Stradivarius) shines (pun?) over a polyester, since they typically can be applied more thinly. Boiled Linseed oil (and variants) are used by several builders I know, very successfully. A new entrance to the market is Cyanoacrylate (super glue). Apart from having to wear a respirator while applying it (as I must with lacquer or polyester, though CA flashes off very quickly), it makes for an impressive finish. The advantage it has over any other finish is cure time. It cures NOW! No need for UV lights (poly), let alone months of curing (NCL). Additionally, CA has a wicking quality, whereby it penetrates the fibers of the wood (it doesn't just float on top). It is harder than the wood, and adds a vitreous (glass-like) quality to the sound. It goes on stupidly thin. It is perfectly clear (no yellow hue), and it polishes to a shine just like everything else.
I use NCL on guitars for customers who insist on lacquer. I French Polish Shellac showpieces or guitars for customers who request it (by the way, Tom, I have not experienced the fragility / lack of durability argument against Shellac. It is not NCL, but it is pretty tough. Of course, I would not suggest it for those in high aerosolized alcohol environments. ;~}). And I use CA on everything else.