http://www.audioholics.com/education/au ... t-4-page-6
It appears that the vinylphile claims are not as outrageous as they seem: LPs do have a usable dynamic range far greater than the measured dynamic range would suggest, and LPs consistently have higher relative dynamics over digital formats. But it is also true that LPs have higher distortion levels which translate to ultrasonic frequency harmonics.
The question is: is the higher relative dynamics of LPs an indication of higher accuracy, or are LPs exaggerating transients and dynamics? I'm not sure, and I would welcome comments.
If LPs have higher distortion and are exaggerating dynamics, it may explain why the apparent "benefits" of LPs translate even into LP recordings, and potentially explain why LPs of digital recordings sound better than their CD equivalents.