I'm still not 100% sure where I stand regarding listening tests. Audiojunkies.com had a link to an editorial by Robert Harley of The Absolute Sound:

Blind Listening Tests Are Flawed: An Editorial

And a more in-depth essay by him on the subject:

The Role of Critical Listening In Evaluating Audio Equipment Quality

I'm only part-way through the essay, but it seemed worth posting. If nothing else, we can collect more points and counterpoints on the topic in one thread.