Fred is correct, just like any other hobby or passion, things are always a "work in progress" and in a "constant state of flux"; this endeavor is no different. And just like everything else in life, you don't get a free lunch; it is always a world of compromises.
The flexibility of this approach is very powerful and yields as much as your knowledge of the electrical processes and the theories of psychoacoustics will allow.
The one-shot trial and error substitutions that are the current basis of the audiophile doctrine are replaced by predictable, systematic, repeatable, scalable and defeatable operations.
The power of convolution processors, linear-phase filters, sampled reverbs and spatial matrixing is much more compelling and efficient than power-cord, speaker-cable, interconnect, cleaning solution, fuses, isolation/coupling devices, tonearm, cartridge or even source component swapping.
A simple way to test this approach for free is to listen to two different mastered versions of the same recording or to an original version compared to a re-mastered edition. Even XRCD's and K2HD CD's are products of re-mastering and see how much difference the process makes as compared to cable or fuse swapping, for instance.
I'll stop here before I consume my entire vacation posting instead of listening.