I'm not trying to fan the flames, but I too ridiculed Audiophiles around 3 years ago. I mean, how could having physically separate boxes influence the sound made? How could there be any variation when it's all digital now anyway?
I was so wrong, just a trip down to your local decent hi-fi shop (Audio-excellence is a good start in the UK) with a couple of good CDs (Leftfield Rhythm and Stealth was a particular eye-opener) taught me not to take the piss out of things I don't know about. Detail, clarity, dynamics and separation all became regular parts of my vocabulary! (Much to my girlfriend's annoyance)
I don't know whether the Voltage regulating cables work (although I've known of their existance for a while) and I use regular extension sockets, but until I've heard the difference with my own ears, I'd stay open on whether it's worth it.
I like to think I'm an audiophile, production quality matters to me and I really enjoy a crisp well reproduced sound, but I still have room for AAC in my life. On my laptop (and perhaps iPod in future (when Steve announces price drop at WWDC

)) AAC is a fine format. Played through Sennheiser in-ears, it sounds fine - not audiophile, but when you're listening in a library/tube station/living room there's too much background noise to get upset about great quality. When it's peaceful and quiet and I'm in my room then I use my separates to enjoy the best sound quality.
Hey, we shouldn't be arguing about this - it's personal preference and if iTunes played through desktop PC computers is good enough for you, then that's cool.
(However, I agree with whoever it was that said that most Top 40 stuff is so compressed that it sounds crap on an audiophile system

)
Oh and has anyone else read that Digital Coaxial is considerably better than Digital optical (I think I read that in What HiFi? but don't quote me) - I'm still using an analogue NAD amp, so I've never gotten into the whole digital interconnect stuff, but if anyone has any anecdotal evidence, I'd be interested to hear.
Tom