I think in general a new CD player (current technology) outperforms a trans/DAC combo until you start getting into the higher priced gear, like maybe the $4K-$5K range on up. However, it may be very useful to use an existing older CD player as a transport connected to a DAC as a way to make an incremental improvment and not have to spend quite as much at one time. I guess if I had $1K or $2K to spend, I would probably look for an all in one unit, or buy just a DAC, and use my CD player as a transport, and maybe update the transport later.