PS1 as audiophile dream?

Seems like the PlayStation 1 can be used as an excellent CD player, at least according to some audiophiles. On the Destructoid site, there is a piece on how some audiophiles treat the PS1 as the "darling of the audio underground". I'm quite skeptical about this as audio quality actually depends on plenty of factors, including the speakers or A/V receivers that you're using. Still, there could be some truth in this when you consider that in eletronics, they don't make things like they used to. So, it may not be entirely be a surprise that the older PS1 does have a better audio output with its RCA jacks. Any audiophiles with an old PS1 in the closet to try this out?