As a result of these tests, I can conclude that MD cannot quite compete with CD in terms of overall sound quality.
Among the PCDPs that I tested, the clear winner in these measurements is the Sony D-NE300. Not only does the D-NE300 have a flatter frequency response with better low-end extension than the D-EJ2000 despite the D-NE300's lack of a line-out jack - but the D-NE300 also suffers less from IMD (IM distortion) than the D-EJ2000 does. In addition, the frequency response from the D-NE300's headphone out - the only audio output on that player - is virtually unaffected by the impedance load, which means that you can use low-impedance, high-efficiency headphones (such as Grados) without fear of bass roll-off.
The D-EJ2000 proved to be thin on bass response from both the line-out and the headphone out compared to the other PCDPs in this test.
The iRiver iMP-350 proved to be grainy-sounding in comparison to both of the Sonys in this comparison: Both the bass and the treble were boosted on the iMP-350, from both the line-out and the headphone out.
And my measurements on the one MD player in this roundup, the Sony MZ-E10, proved that it provides a reasonably flat response only with extremely low-impedance headphones such as the 16-Ohm Sony earbuds. Using that player with 32-Ohm headphones would only make the consequences of the compensatory bass boost all too audible.
I hope this comparison blows the myth that MD sounds better than CD on the go.
Eagle_Driver