I own Steve's "Willy and the Poorboys." Just tried the test for the first time in a long while. It's actually easier for me now with my current setup. I'm using a Squeezebox Touch that lets me switch back and forth quickly between Hi-Rez and Redbook. However, as the Squeezebox doesn't do DSD, I have converted all my SACDs to 88.2/24 PCM.* I played the two tracks through my Teac UD-501 and listened through AKG 701s, adjusting the headphone out for the difference in volume.** I could hear a distinct difference, not only in the snare, but in the decay of the guitars. Decay is one of the aspects of instrument color that I generally focus on when trying to distinguish good hi-rez. My theory (based solely on listening and intuition) is that hi-rez does a better job maintaining the natural harmonics of various instruments.
* After archiving copies of the DSD versions.
** The SACD spec calls for recordings to have a 6dB lower volume peak - I think that's the correct term - than CDs. An SACD player will provide a compensating boost; the Squeezebox does not, so I need to make the adjustment elsewhere.