Speaker, yes. Amplifier, no.
I’ve heard far too many expensive, high-end speakers that sounded mediocre, and a shocking number of cheap speakers that sounded great. Radio Shack Minimus 7 is a wonderful example of the latter. A dark secret of the audio industry is how few actual raw speaker driver makers there are, and the engineering behind putting a speaker system together is really not that complex. It makes for a product that is well suited for the tinkerer type of company.
As for amps, I’m in the camp that assuming that all specs are equal, there is no audible difference between two amplifiers. I doubt that anyone could reliably distinguish between two amplifiers, one costing several as much as the other when tested through an A/B/X comparator. Again, this is assuming the specs were the same, and levels were perfectly matched.
I don’t know of any tests at the amplifier level, but I’m very fond of this article from Mix where they took SuperAudio CDs and ran the high bit-rate audio through one side of the A/B/X comparator, and processed the high bit-rate audio through a CD recorder, limiting it to 16-bit, 44.1k. The listener would hit a button that would randomly either switch from one to the other or not switch. They could do this as many times as they wished. Neither the listener or the tester knew what had happened until the end of the test.
From the article:
[QUOTE=Mix magazine]
The number of times out of 554 that the listeners correctly identified which system was which was 276, or 49.82 percent — exactly the same thing that would have happened if they had based their responses on flipping a coin. Audiophiles and working engineers did slightly better, or 52.7-percent correct, while those who could hear above 15 kHz actually did worse, or 45.3 percent. Women, who were involved in less than 10 percent of the trials, did relatively poorly, getting just 37.5-percent right.
[/QUOTE]
One of my other favorite articles is this one by Ethan Weiner. What’s so enjoyable about it is that it shows how someone could hear a difference between two cables. They hear a difference, but not for the reason they believe.
His point is that you should spend the money on room acoustics, rather than upgrading your amplifier. He may be accused of bias because he sells room acoustic products, but it was the research that led him into making acoustic products.