I still can't agree with its conclusion though.
My opinion is simply that many hi fi 'believers' don't want to agree because it would undermine their entire belief system while others don't harbor any such illusions and realize there are no absolutes in this game. Anyone who, for example, has it in his mind that an amplifier etc costing $x will be automatically, unquestionably, irrevocably & de facto audibly inferior than others costing $5x, 10x or 20x... is going to be seriously disappointed- as a number of 'believers' in the S/R study found out.
That is NOT to say there was a time in the early days of hi fi when a lot of lousy equipment was being produced to such an extent that it was audibly obvious to most anyone with decent listing abilities. But the simple fact of the matter is that technology has pretty much reduced performance disparity between expensive and moderate cost equipment to a minute order of magnitude - just as it had, for example, in the timepiece industry where today a watch costing a few dollars can keep time as well as others costing many, many times as much. The extra cost goes toward the quality, workmanship, materials, precious metals etc but these contribute nothing to the utilitarian function of keeping time accurately. Pretty much the same principle applies to audio gear.
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