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Russ Andrew did them years ago and I had my Meridian 207 done by him.
Couldn't believe the difference it made. There are some people doing /suppling mods. Have a look here, I use many of the same components myself on my gear.
It's not my job to teach you, but suggest you start learning by researching and reading up on the Internet and acquiring some understanding on better quality components which are seldom found in even high end equipment.
Would you buy a car that was designed around a 1960's model rather than influenced by the technology behind formula 1?
I had my Quad 405 power amp rebuilt by David Pritchard (Netaudio) to his MK3 dual mono spec. I later changed to the BB OP627 op amps. The difference in quality is staggering, even when I changed the op amps myself. The amp is now an entirely different beast and sounds neutral, clean, open, punchy, deep and detailed. I didn't much like the 405 in it's original state, even after a full service by Quad. It sounded glassy (op amp changes help this), lacked detail and depth. David Pritchard basically re-implemented the Quad current dumping design with much better components.
The problem with upgrades is the leap of faith you have to take in hoping that a) your kit comes back working, b) the work was done well and no mistakes have been made, c) it actually makes it sound better. My leap has paid off but I wasn't sure when I was doing it!!
I'm not doubting that better components can be employed, and can make a big difference for most units. It's just the improving on bit perfection that gets me. Maybe I should go read more on the Wadia. Ipod technology is irrelevant to me so I've not looked into it deeply.
No, you may not be missing lots, it depends on the manufacturer, component, design goals etc. I for one wouldn't take a soldering iron to Naim kit, nor change the crossovers in the B&W Nautilus range. It's also extremely hard to buy gear on what it may sound like as opposed to what it actually does at the moment.
Yes, of course you can upgrade components, but you can also spend more on the gear to begin with. It is, as Igglebert says, a leap of faith.
Also, Formula one hasn't given much to automotive technology at all recently, as in the last thirty years or more. That's just a myth to justify its existence as a "sport," rather than the fast moving traffic it really is. The peripherique at rush hour is far more exciting to watch, and has the benefit that you, too, can participate. I'd put in a smiley meaning tongue in cheek here, but don't know which one it is.
Definite improvements to Naim kit can be made, but the B&W Nautilus range is excellent with Clarity Caps SA fitted as standard in the crossover units.
There are some better than that but they cost another 500% more!
Custom crossover units in speakers is one area where outstanding results can be achieved in a very cost effective way on most ranges.
I have not seen any amps regardless of cost which aren't filled with budget components. Amp design is not rocket science by any means, but it amazes me the poor value for money most offer for a box filled with cheap as chips components.
Onkyo turned the world upside down when they brought to market at the price point high end full class A design AV amps.
How they did it for the money I am still trying to figure out!
I am very tempted to try the upgrades available to the Music Fidelity XcanV2 either by Music Fidelity themselves or by Rock Grotto. The Music Fidelity upgrade is £169 and the Rock Grotto various prices starting at £30 and then the cost of someone who knows what they are doing with a soldering iron as I don't!
Thanks Phil. Yes there are two PSU builds on the site, but whilst they say it is simple I 'do not know one end of a soldering iron from another' to quote them! By the time I buy the tools I am getting close to just buying one ready made. Very tempted by the recommended replacement wall wart PSUs, one of which is less than £10 delivered as a starter.