I'm not sure that the bits are bits argument is so discredited either, which is part of why guys like Charles Hansen and Jim Hillegas of JRiver don't ascribe any difference to the software. As for hardware, if you're using an asynchronous DAC that's controlling the timing, does the computer hardware matter? And does the noise in, say, a Macbook have any bearing on the digital stream coming out of it? Don't know the answer to #2 other than in a couple of albeit brief comparos between a purpose designed audio server and a Macbook, I didn't hear the difference. Could be I need to spend more time comparing and/or try other systems, but my gut is that it falls into the 'too subtle to matter if it exists' category, so it's low on the to-do list. Happy to be wrong, but haven't heard it yet.
I am sketical also, but open to persuasion based on listening. My MSB DAC is completely asynchonous and jitter of source component should be immaterial - but "noise" can still make a difference. I'll soon have another datapoint to add. I am using a CAPS 2.0, and have a CAPS 3.0 with battery power on its way. The 3.0 should have "less noise" (whatever that means). If I do not hear audible difference between the two, I just wasted a few grand.... We'll see.