It's not a laser diode, it's a simple LED.
Chances are, if they're using the same stuff, they'll sound the same (generally a TORX17x TOSLINK receiver / transmitter). A better test would be comparing the coaxial vs optical.
I had switched out a TOSLINK cable for a coaxial one in my mom's Sony HT and the result was pretty astounding. My mom even noticed. I had only switched them out because I wanted my optical cable back. After a bit of A/Bing, we stuck with the coax. At the time though, I had no idea why one was significantly better than the other, that even my mom noticed.
I had to find out why (this was when I was relatively unaware of audio). It simply came down to jitter. I want to perform a few measurements myself, admittedly, but haven't gotten around to it yet. TOSLINK and coax is cheap enough though, so why don't you try a little fiddling around with it?
~Thomas