If one studies the issue at all, such as reading the article and some well known discussion of it, one finds that the following is a litany of false claims:
"The fact that a number of audiophiles were unable to distinguish between two formats in an ABX test, using (unspecified) content, converted using (unspecified) conversion software or hardware, listening on (unspecified) "normal" or (unspecified) "expensive audiophile equipment" hardly seem to me to be compelling evidence that there is no difference that might be audible under other circumstances."
For example:
http://www.bostonaudiosociety.org/explanation.htm and
https://secure.aes.org/forum/pubs/journal/?ID=2
However, the statement that "Audiophile setups cannot distinguish anything" is a very gross generalization and therefore false on its face. There is a strong tendency for audiophiles to be very chauvinistic and often completely wrong about the sound quality and resolving power of their audio systems. But
all of them? Unlikely, and IME not true.
I don't exactly feel corrected (since I was responding solely to the information in the linked article).
HOWEVER, I should note that, with the additional documentation, I think they did an excellent job of documenting that, at least under "typical audiophile listening conditions", and with a reasonable sample of source material and equipment, the differences are "minimal at best".
(I actually agree that the test was well run and its results should be considered "significant". I just take exception that we as a society tend to over-generalize... in both directions. The folks selling high-resolution content like to over-generalize that it will
ALWAYS sound better; and their opponents tend to overgeneralize that it cannot possibly be so. Based on my personal experience, I would be quite comfortable stating that
SOME high-res recordings I own sound significantly better than their CD-quality counterparts on my current equipment; however, I suspect that the difference, when it exists, is often simply the result of better mastering or higher production values, and not because of the high-resolution format... and I can't rule out the possibility that this might always be the reason. I would also state that the majority of CD recordings fail to live up to the quality possible with that format, which makes it difficult to make valid generalized comparisons either way. However, I also doubt that anyone will ever run comprehensive enough tests to be able to state the generalization that "no high-resolution recording will ever sound better than its CD-quality counterpart, when played on any equipment, simply because of the higher quality recording format" - which is what you would have to prove to justify a claim to "there being no benefit at all".)
IN GENERAL, I would say that their test was well thought out, and well documented, within practical limits... and did a pretty good job of showing that, at least with some "typical high end content and equipment", "reducing the quality" of some typical high-resolution recordings to CD quality didn't produce any audible difference - and so the high-resolution format of those recordings was providing no real audible benefit. I would also agree that this strongly suggests that, at least under some circumstances (reasonably typical ones), the claims to the contrary are exaggerated or downright false.
However, I would suggest that a more concise and accurate statement of the results might be....
A controlled test was conducted, using several different test systems comprised of high-end consumer and professional audio equipment, all of which was considered to be "current technology" in 2007. The results of this test showed that, when a variety of high-resolution discs (both SACDs and DVD-As) were played on several high-end consumer and professional sound systems, under normal listening conditions (chosen by the test subjects), the test subjects couldn't reliably determine whether the audio signal had been "passed through a CD-quality record and playback loop" (see details in the original article) - or not. This suggests that, under the conditions tested, and with the content and test equipment used, "reducing" the quality of the high-resolution recordings to "CD quality" produced no audible difference, which further suggests that, under the conditions tested, and using "typical current high-end equipment", the high-resolution recordings offered no audible benefit over "CD quality".
NOTE that my wording accurately states the situation, and the conclusion that no differences were heard using the stated test content and equipment, but correctly neglects to rule out the possibility that differences might be audible with other source content or other equipment (which you can't reasonably rule out without a lot more testing).
(My personal quibble with their test is that the performance of DACs varies considerably, and has progressed since 2007, so I'm not convinced that the disc players they used as sources were "nominally good enough" to be ruled out as a limiting factor. Perhaps, if the content they used were played back on a higher-quality DAC, there would have been details present which would have been audibly lost later in the signal chain. Likewise, while the Quads and Snells are what I would consider to be "very good speakers", I can't rule out the possibility that some of the many other speakers out there might do a better job of making some difference audible. I'm also inclined to feel that, when listening for subtle details, headphones do a better job of revealing differences than loudspeakers - yet they failed to include any headphone listening. This seems like a significant omission - and one that would have been easy to remedy. It occurs to me that they - quite reasonably - were only trying to prove the "typical case" - which they did pretty well.)
Personally, I would very much like to see a "public challenge", where a content provider, a DAC vendor, a speaker vendor, and an amplifier vendor, would get together and try to provide a sample of high-resolution music that was "so good that it couldn't be reproduced on a CD without audibly obvious degradation". Several makers of DACs and studio ADCs could then attempt to disprove the claim by showing that, when their equipment was inserted into the signal chain, none of the audience could hear a difference.