Bill Baker: "I have talked many people out of having a product modified simply because they just didn't like it and had the wrong idea of what they would be getting with mods. You MUST at least be happy with your product before considering taking it further."
I already knew Bill was a goodguy, but my respect for him just went up a notch. I too tell people that. Bill has miles more experience and knowledge than I, but I agree that upgrades of caps, resistors, pots, wiring, bindingposts, etc., do NOT change the basic character of the device. But if you love the basic character of the piece, modifying it can improve on its positive aspects AND reduce its negative aspects. Actively bi- or triamping is a good example of this. I wrote the other day that only if one loves the overall sound of one's speakers AND the amp one will be using for the midrange should one bother with the expense and hassle.
I repeat my belief that almost-no piecs of hi-end-audio gear are built absolutely as well as the designer knows how. Parts quality generally follows the steeply climbing curves of diminishing returns. Bill and I recently exchanged notes about premium-quality caps. Bill seems to love the V-Cap TFTFs, which I've never heard and which are about as expensive as I've even seen. I love my ASL 805 SET amps, but how expensive would they have been if ASL had installed $224 (retail) of V-Caps instead of the perhaps-$2 of film caps they used for the 0.47µF coupler? They'd have been $1000 - $1500 more expensive, and probably I would not have bought them.
Modists can indeed improve the sound quality of the pieces they work on, and they don't have to have the knowledge required to design it from the start.