I remember a mate of mine taking umbrage at some woo-filled, pseudoscientific nonsense in a hi-fi magazine, and deciding to experiment. One such suggestion was to have a strip of paper in each book on a bookshelf, with about an inch of the strip sticking proud of the cover, and this would improve the sound. Checking it wasn't an April edition, we proceded to add strips of paper to each of his books. Then, sitting back, we listened. And listened. Then started gigling at the sight of little bits of paper sticking out the tops of his books. Decided it was nonsense, but he left the strips in, to check whether his wife would notice them. Then we moved onto the real test.
He'd read so much about fancy speaker cables. I had NAIM cable (which I still use), he had bought some rather exotic stuff, but was having his doubts. So we ran a comparison with simple bell-wire. In a blind test, I thought I could hear a difference, slightly preferring the expensive stuff, & he preferred the bell-wire. He sold the expensive stuff & used the money to upgrade his tone-arm.
When I changed amplifiers recently, I switched from a NAIM to an Audio Analogue Puccini. Not really high-end stuff, but all quite decent enough. I think I preferred the sound of my Linn LP12 through the NAIM, but the Musical Fidelity CD player through the Audio Analogue. The Audio Analogue was certainly better overall, with a wider soundstage, better seperation and so on. But the NAIM was just so sweet-sounding & just plain damned musical. When I upgraded my tone-arm to an Origin Live model, the difference was considerable. Upgrading from Linn Index Plus to Castle Severn II speakers made a significant postive difference too.
The point is, I can hear differences with equipment changes, but the wire was minimal given the cost, and the test inconclusive in so much as we disagreed. Other people have commented on my upgrades & the better sound that's resulted. I could probably switch the wire & no one would notice. As subjective as music appreciation is, we could probably objectify many of the sonic differences, but expensive wires & bell-wire, bog-standard power cables & highly exotic versions, probably remain in the realms of esoterica, with little if any objective data to show improvements. And then there's always that law of diminishing returns, as I had to admit when auditioning a very nice Michell turntable & Krell pre/power amp combo. If money was no object ...