I finally got around to trying SACD (2ch) in my audio system. I had heard some demos at a dealer, but I've never felt dealer demos are worth the time they take. A friend lent me his Sony XA-9000ES for a couple of days, along with a few SACDs, some of which were the dual layer type. I've got a pretty revealing system (Levinson electronics, Legacy Focus speakers), and I was expecting to hear differences. I can still hear 18KHz test tones, so even that equipment seems to be of high quality.
I came to the conclusion that the sound quality of the SACDs I auditioned were within the range of sound quality I've heard from CDs. The SACDs exhibited consistently better sound quality than any arbitrary set of CDs I own, but I'm not convinced that proves anything. Clearly, the record labels are putting more effort into recording and mastering quality for SACDs, and I also suspect they are choosing good-sounding original recordings. (Though the Billy Joel SACD my friend lent alone sounded no better than the CD version I own.) The CDs I own with the best sound quality actually sounded better, to my ears, than any of the SACDs. My friend that lent me the Sony player is convinced that is because I listened to CDs on my Levinson 39 player, and that its quality exceeds the Sony's. That might be a factor, as I am convinced that the Levinson does sound better playing CDs than the Sony does, but the difference is subtle and I don't think I could differentiate the two in a double-blind test. The Sony is no slouch; it's a very high quality unit.
I've read in audiophile magazines that some reviewers consider SACD bass to be superior to CD bass, but I found no evidence of that. None. And these speakers easily produce very clean 25Hz bass to room-shaking levels. (In fact, they can make you quite nauseous with test tones.) At first I thought the SACDs had a consistent advantage on cymbals, but a Yellow Jackets CD I own led me to think CD is just as good. I couldn't find any part of the audio spectrum or any instrument that led me to the conclusion SACD has an advantage. I heard no consistent imaging superiority from either format. Frankly, I admit to feeling a bit disappointed. I like to upgrade my system.
Since most studios these days use digital formats that are different than the 16bit/44KHz CD format, I did wonder if the format conversion degraded CD sound. Well, I'm a piano music fan and my friend did include a new Sony SACD including some Bach stuff. To my ears the pinnacle of piano recording is still Telarc's ancient Chopin CD by Malcom Frager. Nothing I heard on SACD was even close, and the Chopin was recorded with an old Soundstream digital machine in a proprietary format about 25 years ago.
So I've concluded that while digital formats with higher resultion than Redbook CD arguably have advantages in a recording studio, I could hear no advantage whatsoever in my home system, in two channels. I have concluded that the differences in recording quality, mastering quality, and even CD/SACD player quality far outweigh audible differences between CDs and SACDs. I've spent a fortune upgrading my audio system, but SACD is not an investment I'll be making.