What's your view on blind testing?

Double blind testing (DBT) has been a hot topic among engineers and audiophiles for God knows how long. The 'scientific' group believes that a properly conducted blind test will reveal negligible differences amongst audio components (amps, cables, dacs, etc.) while the other group believes that there are noticeable audible differences across manufacturer's in various price points. I know there are quite a few EEs on the board here and I'd like to get your perspective. Thanks for any insight.
The sound of a component also depends on the rest of the system -- components that sound similar in one system may sound quite different in another.
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How 'bout $5k amps plus or minus, preamps etc. vs $20k vs mega buck electronics, ICs, power cords? Subtle, dramatic or, as Consumer Reports says: "Best Buys?"
I am in essential agreement with most of what has been said above.

I want to add, though, that I take exception to what seems to be a not uncommon tendency to segregate audiophiles into one or the other of the two opposing groups you referred to. There is a vast spectrum that lies in between, and as with most things in life the truth with respect to any given audio-related issue will probably lie closer to the middle of the spectrum than to either of its extremes, IMO.

FWIW, I am an experienced EE, as is Kijanki who responded earlier.

-- Al
if a double blind test performed correctly (10-20 participants or more, suitable long listening sessions, properly administered questions, etc.)reveals no statistical difference in sound in a comparison between, power cords, cables, etc. --- then any perceived "improvement" of one cord or cable over another by an individual is some combination of that individuals imagination, desire to justify a purchase, liking one esthetically over the other, some preconceived notion that they hold that "A" should be better than "B," and/or buying into the hype (directly from a salesman or indirectly from a review). Tell them what difference they "should" hear and they likely hear it --- tell them nothing and let them assess (again, proper double blind)... and if no statistical difference is observed... then that means no difference is there to be heard. Now... that is not to say that one will not like one over the other... but if so... it is because of other reasons.

One cautionary note... system synergy is paramount --- a given item in one system shown not to have a statistical difference relative to another item may, in fact, be statistically different in a different system.