I recently modded a couple Playstation 1 Model SCPH-5501 units. In comparison to stock Model SCPH-1001, stock Model SCPH-5501 does not have the built-in RCA jacks--only the AV Multi-Out port. It does share the same AKM DAC and clocking system, and a much improved laser unit that is optimally positioned away from the power supply circuit board. In essence, the digital half of the playback circuitries are identical between both models. In modding this unit, I removed the DC blocking capacitors and muting transistors and installed the identical output stage as I did with modding Model SCPH-1001. For audio output connectors, I used Vampire CM1F RCA connectors. I also upgraded the power supply caps as I have done in previous Playstation mods.
So how does it sound? It sounds a bit better than my modded Model SCPH-1001, which I really like. I think the added detail, clarity and soundstage improvements come from using the Vampire RCA connectors. The laser unit operates more smoothly. In fact, the laser unit is self-calibrating, so it tracks much better than the laser units used in Model SCPH-1001. Better yet, these models are more readily available and at lower resale prices than Model SCPH-1001. In the world of Playstations as hi-fi CD players, this is the real sleeper.