I think people tend to think of true-bypass as some magical tone-saving aid. And it really isn't. It doesn't really matter, for delay pedals especially. Think of it, when it's not bypassed, your tone goes through the input amp/buffer, right? And when most guitarists have they're delay pedal on 99% of the time with lead-tones, they have to depend on that buffer to be very good quality anyway. I mean, who want's a crappy tone-sucking buffer on their main lead tone?
True bypass, in my opinion, is only good for special effects where your dry signal with that effect doesn't really matter that much (say some crazy space vibrato-flange-chorus stuff..), and in case that pedal has a crappy circuit that colors your tone, when you switch it off, it's completely out of the signal chain. But for effects where your dry signal in combination with that effect DOES matter, like reverb, delay, subtle chorus, etc., they essentially have to have a good circuit, otherwise you're beautiful pure tone's gonna suffer each time you turn it on. And this is especially concerning effects that you use a lot/most of the time during your playing. Like reverb for jazz-guitarists or the compressor on your main single-coil funk tone, etc.
I recently purchased a Moogerfooger MF-104Z, which probably is the highest quality unit out there (exept maybe the Memory Lane 2, but I'm told that it's now out of production due to lack of BBD-chip stock). But because it doesn't have true-bypass, I was worried on what effect it might have on my tone, and to be honest, while it maybe affects it extremely minimally (as ANY analog input circuit will do, more or less), the coloration, if any at all, are quite pleasant and don't have any negative effect on my tone at all. The buffer is of extremely high quality and it sounds amazing with the delay circuit on!
Just my 2 cents.