My own experience have been that on the large filter caps, it makes zero difference, but in signal coupling applications it only sometimes makes an audible difference - this difference has been most obvious when an electrolytic feedback cap was bypassed.
The term by-pass is used with some confusion. Bypasses covers both de-coupling applications in which you smooth out DC ripples on a DC rail. The other meaning is when you have by-passes in which you are making up for electrolytic capacitors short comings in the transfer of an AC signal. In the decoupling scenario, you are connecting a cap between a DC rail and ground. This mean the cap holds charge equal to the rail. The instant the rail voltage drops from a fluctuation, the de-coupling cap discharges and thus brings the rail back up. The fluctuations or ripple you are trying to smooth, dictates the size of the de-coupling cap - all the way from the large filter caps to smaller film caps dealing with high frequency ripple on the same DC rail. If you are to de-couple the rail from HF, then do so closest to when the source of consumption.
When bypassing means, transferring an AC signal across an electro, the theory goes that the electro has inherent shortcomings at higher frequencies - even if these distortions takes place at frequencies above the audible threshold, they still inflict distortion downward to audible frequencies. When it comes to the feedback cap (shunt leg) by-passing - in the cases where sansui had an existing polar electrolytic - I've tried a) to replace that for a non-polar b) keeping the electrolytic as is, but by-passed with a PP film cap. The bypassing has sounded the best.
- I'll pass on the word to Bob Cordell from his 608 pages behemoth of a book titled: "Designing Power Amplifies" especially read from - "The biggest offender...."
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