I just pulled out my PS1 from garage,  then I hooked it up with my Pioneer receiver with monsterTM RCA cables + Sony mdr 7509s headphone (my speakers are P.O.S. BoseTM btw).  
End result... It's true!  It does sound pretty good for a hardware that was hidden away in my garage for 10 years. It sounded soooo clean when I played some rock music and The Chronic by Dr Dre.
Also, I'm just exaggerating about PS1 SCPH 1001 in the same league as $6,000 CD players.  
Playstation 1 SCPH 1001 sound as good as other very high end CD players.  It's no wonder PS1 costs $300+ when it debuted back in 1994.