Sigh.
Why does nearly every thread involving audio turn in to an argument about audiophoolery?
Who are the right and wrong engineers to ask? Just because the person you asked about something, violently disagreed with you, it doesn't mean their view is invalid. The advantages of forums such as this, over asking a friend, relative colleague etc. is, one can ask a lot of engineers and gather a consensus on a matter, not just take one person's word for it. Also remember this is a technical discussion and no one should feel offended, if they're contradicted.
There's a lot of the usual nonsense here about using passives and capacitors to avoid noise and distortion and speaker cables. There's nothing special about polypropylene, over polyester capacitors. I bet no one will be able to tell the difference, if subject to a blind test. Metal film resistors are less noisy, than carbon film, but it's wrong to say the latter shall be used everywhere in the audio amplifier, where there are plenty of parts of the circuit where it won't make any difference, i.e. the resistors used to bias the zeners diodes. It's amusing when a circuit mandates high end capacitors and metal film resistors, then uses carbon potentiometers, especially with a DC bias.
In this case, the circuit has non-polarised capacitor, (220µF) carrying an AC signal, with no DC bias, which will distort the signal more than any polyester capacitor.
Polarised capacitors act as poor diodes,
(the electrolytic capacitor is derived from the electrolytic rectifier) and need a DC bias to avoid rectifying, thus distorting the signal. As far as resistors are concerned: I'd be more concerned about the type of resistor used for the 0R22 on the output stage, which could cause problems with oscillation if it's very inductive i,.e. wire wound, on a ferrous former.
It is simply untrue that amplifiers can't be measured and characterised. This is a common audiophool myth. In reality, everything which can be heard and more, can be accurately measured and characterised. Measuring equipment is well over an order of magnitude better than the human ear at picking up distortion. The problem is it's important to measure the right thing and plenty of the traditional tests used to characterise amplifiers don't. For example, pure sinewaves, which in no way resemble music or speech, are often used to obtain THD figures. The video linked to by Mark Hennessy demonstrates this perfectly and is well worth watching.
As far as the thermionic vs solid state is debate is concerned. It's true that both amplifier topologies have different characteristics, yet paradoxically can be made to sound exactly the same: please read on, I'm not trolling, its true! It's possible to make a thermionic and a solid state amplifier with imperceptible amounts of distortion, when played below the clipping threshold, at which point they'll both be audibly transparent i.e. sound the same. The difference is a thermionic amplifier will have a nicer sounding distortion, than a solid state model, when over-driven and this effect is often desirable in a guitar amplifier, where the distortion is part of the sound and hi-fidelity is not a requirement.
Over 40 years ago a double blind test was done on three amplifier designs: one thermionic and two solid state, with golden eared audiophiles and they couldn't tell the difference. Of course both of the amplifiers were designed for minimal distortion and weren't driven into clipping, but the test was for hi-fi, not a guitar amplifier.
http://www.keith-snook.info/wireless-world-magazine/Wireless-World-1978/Valves%20versus%20Transistors%20DCD.pdfAs far as hi-fi is concerned, it's fairly easy to make an amplifier an imperceptible level of distortion. In reality speakers and room acoustics are the dominant factor, not the amplifier. It's possible that a high end hi-fi system will sound the same as a TV, if they're both connected to the same speakers and played at a low enough level to avoid clipping.
This goes back to the requirements of the original poster. Is this amplifier going to be used for hi-fi, where the distortion should be minimal or a guitar, where a certain type of distortion is required? With the appropriate modifications, there's no reason why this circuit can't give a reasonable faithful reproduction of the source, but if you want a guitar amplifier, with nice distortion, then look elsewhere.