I have owned both cables: the Silver Breeze (SB) since the time it came out about 10 years ago and the Hyperphono for 4 years now. I did many shootouts between these from time to time as I tried different cartridges from Clearaudio, Koetsu, Sumiko and Audioquest. Before I got the Hyperphono, I owned the Purist Dominus phono cable for a year or so and also played with the Graham IC-70 for a short time until I passed that on. I also had a few days to play with burned-in Kubala-Sosna (KS) Emotion phono cable compared to the SB.
First of all, it is ridiculous to talk about the Hyperphono at $3800. NOBODY pays retail price on these cables. They are regularly being sold here by dealers for under $2k. Secondly, if the SB has only increased to $650 after all these years, it continues to be the runaway steal value for phono cables. But with this said, the Hyperphono is altogether at a completely different performance level.
Compared to the Graham IC-70, the SB had altogether far more clarity and resolution. The Graham was easily displaced here as it just was too hazy in comparison. Not since the ARC phono cable that preceded the SB in my system, had the SB so significantly outperformed another phono cable. The Graham was put on the market without hesitation. And I was surprised as this was with the Graham tonearm on the Clearaudio Reference TT.
The KS Emotion cable was a nice step up from the Silver Breeze in terms of a little more clarity and extension in the trebles. It was not huge, but it was a nice refinement. However, returning to the SB was very good considering the cost of the KS cable at $2k or so at that time.
The Purist Dominus phono cable had the signature Dominus sound of great midrange textures and harmonics, but this gives up some refinements at the frequency extremes. Overall, I preferred the Dominus because of its "magic", but its overall colorations and lack of ultimate clarity in the trebles were clearly evident; the SB was obviously the more "neutral" cable.
And then the Hyperphono arrived. I had already become very impressed with the Stealth Power Cords and the Indra ICs, but I had no experience with the Hyperphono. For me, the Hyperphono was the standout product in the Stealth line. It was absolutely stunning from the instant it was installed. Never before had I heard a phono cable impact the system like this. Tonal coherency was like that of the KS and the SB. But low-level detail and clarity was unlike any of the cables before. A quick return to the SB and so much was lost. And then back to the Hyperphono....WOW! The Purist never had a chance once the Hyperphono arrived. The Purist too was removed and quickly sold.
The SB is hands down a killer performing product, but there is a reason the Hyperphono costs much more. For some systems, the observed differences might only be subtle. But if you have a system that excels with clarity, dynamics, nails decays and not only the fundamental of the notes but also the follow-on harmonic structures of the notes, the Hyperphono cable will take the performance of your system up a significant notch.