Well, this is a bit of a hot button to me. In a nutshell, I believe that the type & quality of caps makes an audible difference in some applications, guitar tone caps included. A while back, I bought a few NOS paper & oil caps from a highly trustworthy source (at
very reasonable prices!) and have tried them in a couple of my guitars. They do indeed give a slightly warmer, richer sound than the film caps they replaced. Let me point out that adverb: slightly.
The problem I have is not with these caps but the people who sell them for exhorbitant prices, making all kinds of sweeping claims about how they'll magically transform your guitar's tone into a bastion of vintage goodness. Male bovine excrement! These claims are used primarily to jack up buyer expectations and get people to pay preposterous prices for capacitors that are worth a buck or two. And I swear if I read the term "mojo" again, I'll puke. What exactly is that??? How do you measure it? And I'm going to pay $20 apiece for the privelege of owning said undefinable, indescribable "mojo"? I don't think so....
Sorry, but I have a long scientific background, and if it can't be measured and objectively explained, then I will remain skeptical of such claims. Maybe it's out there, but I've yet to see a scientific explanation of why certain caps would sound so fantastically superior to others, as some of these snake oil merchants would lead you to believe. What I would REALLY like to see is a truly scientifically designed experiment--specifically a "
double-blind test"--where a group of listeners hears various tone caps under strictly controlled conditions and selects which sound best, without having a clue as to which is which. But you'll never see any of the cap sellers sponsor such an idea! Too much chance the truth could come out. The French wine industry got talked into doing
exactly this with some California wines back in the mid-'70s, and haven't gotten over the embarrassment yet....