To further add to my previous post, IMHO effect of the "peak extend"
mode of HDCD is rather subtle.  I'm not sure I could reliably detect
decoded vs non-decoded on most material in a level-matched blind test. 
OTOH, the 6 dB gain reduction is not subtle.  IMHO, ReplayGain is almost
mandatory for playing a mix of discs decoded by hdcd.exe and non-HDCD
discs in shuffle mode.  But, given the wide variance in mastering
levels over the years, ReplayGain is often fairly necessary in shuffle
mode, anyway.


-- 
Timothy Stockman
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