05-14-15: Hew
The magic bullet seems to be an optimized machine like CAPS running Windows Server 2012 with latest beta AO, Jplay 6 and throw in the latest Fidelizer as well. My friend just recently updated and those who have heard his system claims it's the best digital sound they have heard. I run a dual server setup and am quite happy with the sound I am getting now so I am holding off the updates for a bit.
Hew
Maybe there is something dramatically different in version 6 vs 5, or in AO version 1.30 vs 1.26 that I have. But in my experience and with a singlePC very similar to AudioPhil's (and CAPS, for that matter), it didn't make a huge difference. Maybe it's the DAC, like Coli said. Or maybe my speakers aren't resolving enough (B&W 804S).
FWIW, room correction at the PC through Acourate has made a significantly bigger improvement in my system than JPlay. Yet I want JPlay to work for me so I will probably give it another go down the road.