While the hardware may sound different depending on the model, the purpose here is to illustrate some of the differences and inaccuracies heard in .vgm playback from emulation.

Example #1 - Castlevania Bloodlines - Calling From Heaven
hardware (model 2 w/ ccam) // in_vgm.dll (v0.35)

Example #2 - Castlevania Bloodlines - Iron-Blue Intention
hardware (model 2 w/ ccam) // in_vgm.dll (v0.35)

Easily discernible differences -
#1 - in_vgm - Has a much more 'metallic', buzzy sound on the bass instrument.
#2 - in_vgm - Has a much more 'metallic', buzzy sound on the snare drum.

These are just a couple examples with only in_vgm so far, although more comparisons from different sources will be posted eventually. If there are more issues with the quality of .vgm playback that you've noticed, feel free to point them out!