Good CD player vs. Transport and DAC


Where am I going to get the best Digital playback? Going with a high end CD player or a transport and DAC? Also, what's the difference between a transport and a cd player if you are using an external dac with either one? I am thinking of an Oppo bdp 95 to use for cd play back since it seems to have a really nice dac (SABRE32 Reference ES9018 from ESS Technology). I am currently using a denon dvd 2900 and a musical fidelity v-dacII with pangea p100 power supply. Any feedback is greatly appreciated! Thanks!
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The industry has gone back and forth on what is best. In the early 90s, the outboard DAC was "the best". The by the late 90s, sperate DACs kind of died off. The by the mid 00s, they made a comeback, but a much higher price.

This gets way too techinical and could fill up volumns, but if you or connecting a transport to a DAC using the lowley SPDIF standard, you will never really get anywhere, because this only allow for the signal to go on way and does not allow the DAC to talk back to the transport. This has somethng to do with timing and jitter errors and data clocking....needs to be explained a million times by someone else :)
My head is in the cloud still after reading this post. Thank you all for your input. :) by the way!!
Ok. Assuming I have a great outboard Dac and want to invest in a CD transport. I know some of you rolling your eyes right now.....lol. I am a big fan of old tech and have found CDs sound great if the recording jives. 

Below is taken directly from the Cambridge Audio website:
Inside most transports, you’ll find:
  • A transformer for power
  • A laser to read the information from a disc
  • A motor to spin the CD at the right speed for the laser
  • A servo that operates the motor for how fast the CD spins under the laser
  • A CD tray to carefully align the disc with the motor and the laser
  • A digital output.

Correct me if I am wrong! Base on this information above, a CD transport doesn't have anything to do with the built-in clock, recock, converting the digital signal to Analog etc...purely carries digital signal to the Dac for processing...
1. Wouldn't it make sense to purchase a  decent unit without breaking one's bank account?
2. Why is it the more costly one such as Mark Levision no.37, for example, is justifiable purchase?

I am torn..inexpensive or expensive CD transport.....LOL.

The Cambridge is a competent player.

There are a few in the upper 3-figures.  There are plenty of threads on transport choice.

The new kid on the block is the Nuprime.  Besides the basics, it seems to upsample, on request, before outputting to the DAC.

Many have reported better sound from the more expensive Jay's.  Again, see the relevant threads.

I have mentioned before I own and enjoy a $7000 SACD player I use exclusively  for it's DAC, Marantz SA-10. Connected to the Marantz I play CDs in a typical for $40 used, five disc changer.    Even the Toslink to the DAC at $120 costs more!     
Now certainly not all cheap CD spinners sound good to a DAC. but there are enough it is worth the trouble to experiment to find one or several you like and can use as dirt cheap spinners to a good DAC.Now it is true some player suck as spinners, no question. But then some are great.                        
I save the Marantz spinner for reference. It is slightly better, but not enough to worry about, compared to my changers spinning CDs.And The Marantz as DAC plays CDs so well they sound just as good as SACDs.
Just as an aside, in one room,I have a Bryston BDA-3 DAC and use a Cambridge CD transport to feed my preamp/mp/speaker system.
In another room, I use a Bryston BCD-3 CD spinner to feed my primary two-channel stereo system. Both are for RedBook CDs only.
The BCD-3s internal DAC uses the same chips and DAC-to-audio components as the BDA-3. 
This way, I have the option to upgrade the Cambridge transport, or to have a standby if the BCD-3 gives up the ghost. 
Both play my collection of classical CDs with the precision and depth I love.