I bought the top ARCAM FMJ 23-T cdp specifically for its HDCD playback capabilities, It was a top player in its time ( emphasis added);in brief, it’s novel HDCD audio performance uptick from ordinary red book CD’s ranged from very minimal (if any) , to nominal ( kinda a vert small bit ,,,,. at best ). It’s a failed experiment for good reasons IMO.
Now, contrast it with my current REGA ISIS VALVE cdp / DAC playing any and all CD discs including ordinary redbook and U name-it ….. it simply smokes every HDCD option ….. not even close.
All the other CD permutations with their hopeful audio improvements played on a top shelf player are also an audio improvement mirage ranging from minimal to nil ,,,,and entirely dependent on the mastering or remastering skills of the recording engineer. I’ve purchased SHM discs from Japan that are a wide range of quality, with more than a few that suck.
if you want good Japanese discs,,,,,think XRCD instead.
TAKEAWAY: Choose wisely.
IMO HDCD is a legacy product that should remain in the past.