This is damned interesting. One thing is clear, if your musical taste turns around Gamelan orchestral music played by Bali Island, Indonesian folk musicians, then you definitely want to look in to this. [This was the music presented in order to determine the so-called 'hypersonic effect'.]
Gear used was a "Direct Stream Digital (DSD) format having a sampling frequency of 5.6448 MHz. The electrical signal contained a wealth of HFCs, (high-frequency components) even reaching 100 kHz and above."
The ultra HF component was reproduced by TAD (Pioneer) PT-R9 ribbons.
Results were graphed from Alpha-2 electroencephalogram (EEG) signals. One intersting finding:
In these experiments, the total power of sound was always larger in LFC+HFC than in LFC alone. Thus, it is possible to assume that changes in Alpha-2 EEG are related to the total power of applied sound rather than to frequency.
But this was not an exact correlation, based upon differences in EEG response to differing HFC.
What can we say? At my admittedly lay level, we can say that A) if you like Javanese percussive instrument music, B) if you have HF ribbons going out to 125KHz (as the TADs are rated at), and C) have an EEG at home and don't mind the wires hooked up to your skull, then you might be able to detect a difference on the paper EEG printout you get while listening.
What I didn't see in the paper was any subjective rating, asking the participants whether they 'heard' or even 'felt' any physiologic change, either auditory or otherwise.
In any case, this is certainly an interesting thing. How it is related to home audio is something I can't relate to, at this time.