It is my understanding that some demods are better than others. The JVC 4DD5 is what I use, and it's pretty good. Some prefer the Marantz demodulators to the 4DD5. I once had a Claricon demod that was rather poor, because the power supply was hummy, and there was no carrier level adjustment. It needed one, for it wasn't automatic, it just didn't have one. I probably would have installed one by now, but fortunately, I found a JVC instead. The principles of a CD-4 demodulator are simple and well understood by engineers. Not like matrix decoding ala Tate, which is proprietary. With CD-4, it is similar to the way a stereo signal is placed on a monaural FM radio signal. The system is discrete, so there is no "snake oil" decoding or enhancing. It is just simple science.
The differences between demodulators will manifest itself in the quality of the circuitry itself, (would it be a good sounding piece of gear if it was just a phono preamp?) and it's ability to accurately demodulate the difference subcarriers in each channel without distortion. A demodulator unit is actually two demodulators in one box that operate independently of each other. One for left channel, and one for right. Any demod will produce good separation, even a poor one. The question is, with how much distortion? A demodulator that is built as a quality piece of gear by a quality manufacturer will provide acceptable performance. The cartridge and stylus are actually more important, because if you don't deliver the signal intact, the demod can't decode it properly. Even the Claricon performed half decently, once I had provided it with a good signal. (and a better power supply). I believe with a carrier level pot, it could have acheived CD-4 nirvana. So, buy a demod with a good name and you shouldn't be disappointed. See "CD-4 equipment that works well" in this forum. Happy Hunting!
The Quadfather