the transport just reads the bits, whether hdcd or not, and sends them off to the internal or external dac. if an hdcd code is present on the disc and the dac/filter is capable of recognizing the embedded hdcd code in the bit-stream, then the dac/filter will apply the appropriate noise-shaping.
there is more than one level of hdcd encodeing that the hdcd standard allows. there is a demo disc with the same music encoded with different levels of hdcd encoding.
in other words, all transports will read hdcd discs and send the bits containing the hdcd information, but only certain dac/filters can recognize the embedded signal.
i hope this helps