Thanks!
I noticed just enough of an improvement on my Droid 2 running the last official CM nightly to say that it did SOMETHING.
I tested with two songs on my headphones and one in my car (AUX in, direct connection) using the stock CM 7 music app. While I can't say my testing was scientific or have a screenshot or anything to back it up with, both tests showed that the lower bass seemed slightly toned down, the upper bass seemed amped and smoother, the midrange felt less piercing, and the high end sounded cleaner.
With the headphones the effect was less noticible on the mid-to-high end, but it DID sound like I had slightly-better headphones on.