Are today's interconnects really better?

The differences from cable to cable will vary with the components that it connects and the electrical characteristics of the cable itself. As such, results will vary and not always in the same direction when there are differences. The key here is to buy gear that is stable into various loads AND select cables that have all of their design aspects taken into consideration. By stabilizing the components and using cables with electrical characteristics that don't interfear with transmission of signal anywhere near or beyond the audible pass-band, the more transparent the system will be. Sean
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To Sean's point - the other frustrating thing is more expensive or higher up the chain with the same brand might sound worse than a mid level cable - depending on components. So truely the only way to know what's best for you is auditoning in your home environment.

Better cables won't sound worse, they might reveal more of the shortcomings of lesser equipment though!

I had AudioQuest Emerald for several years. I was given the chance to audition a pair of Purist Colossus while I was using the Emerald. After a couple of days I determined that I would buy the Purist cable no matter how much they cost because they were so much better. When I learned the 1m pair cost $1200 I sent them back to the store. That happened a little more than ten years ago, since then I have replaced all of my cables with Purist. Their prices have come down and my spending ability has risen a little.

Their newer cables have come down in price from where the older models were priced, but in my experience they are better than all but the top-of-the-line Dominus.

I auditioned a pair of the Dominus ICs loaned by a friend from AudiogoN. They cost over $7000 so there was no way I could afford them, even as a used cable, but they sounded so good I could not believe it. I have never heard anything that caused such a great improvement in my own system. Even the purchase of a much better amp did not provide as great an improvement in the sound!

I went from a Emerald IC/Black speaker cable wired system to all Purist and the improvement was worth the cost. The new stuff simply sounds better.