I did a little test comparing Directsound to ASIO2KS to see if there was actually a difference between the two. I wasn't expecting there to be because common wisdom says that this is just kernal-streaming with lower latency, and latency has no possible effect in a listening application, so I've never really bothered. I didn't bother to do it until just now, and the results were a little bit surprising: on my computer, at least, there is an easily-audible difference and ASIO, contrary to all the audiophoolery, actually sounds worse. I know that ASIO2KS is not true ASIO, by the way; that doesn't stop some misguided "audiophiles" from proclaiming it and ASIO4ALL some great savior. Equipment used:
Programs: foobar2000 (0.9.4) with DS and ASIO2KS, 44.1kHz, 16-bit, no dithering; Audacity 1.2.4
Output: A generic Hong-Kong made USB-to-S/PDIF adapter, Monarchy Audio 18B DAC (coaxial connection if that makes one bit of difference. Not to these ears, but whatever floats your boat)
Input: SoundBlaster Live! 24-bit (line-in)
The output device is incompatible with Kernal Streaming so I couldn't test that. I recorded the following clips (30-second fair-use):
http://rapidshare.com/files/17081039/files.zip.html
and normalized them to the same volume.
First impressions were that the ASIO sounded noticeably muffled and lousy while the DS was clearer and cleaner. I used an ABX program and came up with the following results:
QUOTE
WinABX v0.42 test report
02/18/2007 11:42:00
A file: G:\rips\asio.wav
B file: G:\rips\ds.wav
Start position 00:00.0, end position 00:29.9
11:42:55 1/1 p=50.0%
11:42:57 2/2 p=25.0%
11:43:02 3/3 p=12.5%
11:43:03 4/4 p=6.2%
11:43:05 5/5 p=3.1%
11:43:07 6/6 p=1.6%
11:43:08 7/7 p=0.8%
11:43:10 8/8 p=0.4%
11:43:11 9/9 p=0.2%
11:43:13 10/10 p< 0.1%
11:43:14 11/11 p< 0.1%
11:43:15 12/12 p< 0.1%
11:43:16 13/13 p< 0.1%
11:43:18 14/14 p< 0.1%
02/18/2007 11:42:00
A file: G:\rips\asio.wav
B file: G:\rips\ds.wav
Start position 00:00.0, end position 00:29.9
11:42:55 1/1 p=50.0%
11:42:57 2/2 p=25.0%
11:43:02 3/3 p=12.5%
11:43:03 4/4 p=6.2%
11:43:05 5/5 p=3.1%
11:43:07 6/6 p=1.6%
11:43:08 7/7 p=0.8%
11:43:10 8/8 p=0.4%
11:43:11 9/9 p=0.2%
11:43:13 10/10 p< 0.1%
11:43:14 11/11 p< 0.1%
11:43:15 12/12 p< 0.1%
11:43:16 13/13 p< 0.1%
11:43:18 14/14 p< 0.1%
In other words, there was a definite difference. The waveforms looked different; if you care to look at them, go right ahead with the above files. A spectral comparison gave (yeah, I know we don't hear graphs, but it's interesting to compare):

All sorts of things could have gone wrong. The signal path was hopelessly complex and the signal had degraded by the time it reached the line-in, for one thing. But my guess is that if there's a definite difference even in a lousy-sounding pair of WAVs, then I can believe my ears when it comes to telling a difference between the two.
edit: mad props to the Stone Roses for providing the clip, which is the intro to "Love Spreads" from the album Second Coming (CD > EAC > FLAC)
