I have been using MC 14-16 with my headphones and have been very happy. However, as is prone to happen, curiosity killed the cat. I read about a foobar configuration (1) that uses the dolby headphone (DolbyHph.dll) + channel mixer. It sounds great. Unfortunately, since trying this I cannot go back to how it sounded before since it is too much of an improvement over anything that MC16 currently can provide (crossfeed, isone, bs2p etc).
Ok great, so just use foobar you might say. Yes, but when used to MC16, going to foobar is quite a horrible experience in most regards. Therefore I call out to you and ask if there is any remedy for this situation?
What I've been trying so far is setting up MC16 so that any mp3 I play is opened in foobar instead. This at least allows me to use MC16 to browse my library. One big flaw with this approach is that it doesn't handle playlists well, so you are stuck sending one file at a time to foobar.
1.
http://www.head-fi.org/forum/thread/555263/foobar2000-dolby-headphone-config-comment-discuss