Steve, thanks for your inputs. Do you feel that the following may also be significant contributors to sonic differences between S/PDIF interconnects, at least in some systems?
6)Differences in noise-induced jitter, due to ground loop effects and/or RFI/EMI pickup, both of which may be sensitive to cable differences.
7)Differences in radiated RFI, that may affect circuitry in the system that is not directly related to the S/PDIF interface.
Concerning your no. 3, impedance mismatches, and with respect specifically to the impedance match to the components that are being connected (as opposed to mismatches between cable and connector, or impedance discontinuities within the cable) I would add the thought that what is important is not how accurately the impedance of the cable and connectors match the 75 ohm standard, but how closely they correspond to the actual output impedance of the component driving the cable, and to the actual input impedance of the component that is at the receiving end. Everything else being equal, a cable that is less accurate relative to the 75 ohm standard may therefore outperform a more accurate cable in some systems, if it happens to be a closer match to the component impedances.
Finally, I would be interested in your take on what degree of correlation can generally be expected between cable performance and cable price, for S/PDIF interconnects, given the many variables and system dependencies that are involved in the effects that have been mentioned.
Regards,
-- Al
P.S: Re your first question, I am an EE with an extensive background in digital signal transmission (not for audio).