If peak extension is used (it's an optio nduring HDCD encoding) then decoded playback will tend to be several dB lower (RMS avg) than nondecoded. I'd imagine that would be audible. (From what I recall, CD/DVD players licensed to decode HDCD used to be required -- by Pacific Microsonics/Microsoft-- to lower nondecoded HDCD and standard CD output in order to 'level the field -- so people wouldn't say CD sounded better than HDCD due to the psychoacoustics of loudness difference)
Here's an example of an HDCD that appears to have used peak extension
http://www.hydrogenaudio.org/forums/index....mp;#entry475231THat thread;s also got good posts about HDCD.
QUOTE(Mike Giacomelli @ Feb 25 2006, 02:04)

QUOTE(Shade[ST)
,Feb 24 2006, 10:49 PM]
QUOTE(Firon @ Feb 24 2006, 11:43 PM)
Never underestimate the power of placebo. You'd really be surprised. I suggest you just do a simple ABX to see if you really can tell the difference.
http://en.wikipedia.org/wiki/HDCDIt seems HDCDs really do have the full 20 bit range, and only on specific players.
Even if they do, ABXing 16 verses 20 bits for typical music is hardly a given. Even if they have the full 20 bits resolution with no downsides, I'd be pretty surprised if this made any difference.
I'd be surprised if any sources for the HDCD had a dynamic range large enough to sound different in 16 vs 20 bit. Dynamic range available from dithered CD (>95 dB) is already well beyond the dyn amic range of analog tape sources. THis suggests to me that plain old CD could have captured the full dynamic range of any of those King Crimson, Yes, Tool, Beck etc source tapes, without HDCD.
Apart from 'more bits', though, the other touted 'advantage' of HDCD is supposed to be "Precision digital interpolation filtering with multiple modes of operation, which can reduce alias distortion and temporal smearing, resulting in a more natural, open, and accurate sound reproduction." (to quote from the rather credulous Wikipedia entry cited above).
QUOTE(jas1612 @ Feb 25 2006, 03:01)

You guys might be right ,I was excited to find out some of my favorite albums had this feature. Its not easy to do an abx with WMPlayer. That is the only decoder I have now. I ,d need to have somone switch the tracks for me ,so I won't know what the x is. I'll let you know if I do that. Thanks for your posts
One possible way to do the ABX: digitally record the output of the nondecoded and decoded versions @24 bits and [insert some silly high sample rate that your 24-bit soundcard supports here], then ABX the two files with foobar.