Hi Sam, that's an interesting question! I would say both the reduction in water from the pumpkin and the caramelizing of the sugars allows for a more intense pumpkin flavor. However, when substituting this into a recipe that doesn't call for this process, you may risk a dry baked good without adding more moisture. While adding some milk or water might dilute the flavor effect a bit, it should help preserve the texture of the baked good. 

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