As the name of this thread suggests, this one is the best. When I say best, I mean in terms of being as close as possible to the real thing, that is, if you close your eyes and listen to a well recorded record, you can imagine yourself sitting in a concert.
The HiCap has the highest coloration of all, though some may find it pleasant to the ear. Its sound is very distinguishable. Voices may sound warmer than they really are, and details are lost. Comparing to the other regulators theres some emphasis in the mid-bass region. As I said, I can understand that some people may like it with specific types of music (vocals, saxophone, etc).
I must say though, that Naim managed to get extraordinary results from a basic regulator (LM317), any time I tried to build a PSU based on the HiCap circuit I didn't even get close to it.
The ALWSR is a big step forward, suddenly you hear lost details, and clarity is improved. The results while using ALWSR are still somehow dependent on the transformer and reservoir capacitors, that is, they may sound differently in different configurations. Adding the VBE in front of them improve things significantly, both in the aspect of transformer/capacitor independency, and in the final result.
This regulator is the best in all aspects, it sounds the most natural of all, and it improves PRAT, clarity, bass is tight and full at the same time. The difference is not night and day comparing to a VBE-ed ALWSR, but there is a difference. As with any regulator, the results with this regulator depend on the component choice (capacitors, transistors).
Unlike preamp modifications, PSU modifications maintain the so called Naim sound signature. I think that the effect is more like going up with the Naim model. The Naim sound signature starts to change when you change the internal amplifier circuits. IMO, however, the higher you go on the Naim model, the more the sound signature disappears and converges with other vendors high end material; they just reach there via a different path
In other words, ultimately there shouldnt be any difference between two ideal systems coming from different vendors; they should all sound the same, like the reality.