Well, if it ain't broken - don't fix
You may find pleasing switching from default waveout to directsound v2 output. That's not actually because of overall sound quality, but because of nice fading feature which allows you to avoid harsh transitions on seeking/next/etc.. .
Also becoming familiar with replaygain feature is highly recommended (just search Hydrogen Audio forum - you'll find lots of topics explaining what is replaygain and how to use it).
Other options should be ok by default.