There are two issues.
First, the speakers are tiny. I'm considering bringing the audio out to an external amp/speaker setup. The little amp provided isn't anything spectacular either, nor is the USB audio adapter. But, remember, all that's coming out are square waves. Poor high-frequency response is actually a good thing here, because:
Second, and perhaps more serious, is the pidp-1 doesn't duplicate the real circuitry, which had (analog) low-pass filters on the outputs to make them sound more realistic.
Each of the four 'channels' had a different filter with a different cutoff frequency. The way the pidp drives the panel makes it unsuitable for tapping the program flags there, it's multiplexed.
That's why I did my first mod, tunable digital low-pass filters in the audio generation in the emulator. They greatly improve the sound quality, and I finally got the real filter values used, as detailed by Peter Sampson, the originator of the music setup. I'll preset my filters to the equivalent digital filter alpha values soon. (The filters are simple low-pass IIR implementations that use floating point for better results).
Bill