Which is better - Hi end CD transport or Music server into DAC?

The best that can happen here is that each person can relate their own experience.  In my case ripped CDs on a HD sound better played through a simple ASUS laptop via USB than they did played directly through an Oppo 105 by spdif.

As @ejr implied, bits are not simply bits.  The timing and quality of the analog (yes, analog) stream of bits makes a great deal of difference in the ultimate SQ.

Transports are. It created Raquel, each unit should be treated as an individual. IOWs, can’t answer the OPs question favoring one device over a different one in these 2 categories. 

E.g. in a/b tryouts,my SimAudio CDP (Equinox, $3000) from 2007 absolutely killed the transport on the OPPO 95. While the Bel Canto dedicated cd transport($1500)  was also better than the OPPO, and right on par with the Sim in terms of SQ, tho slightly different sound. 

Why? I think bc the Sim has 2 dedicated power supplies for analog and digital. But the OPPO has 1 power supply for the 100 different functions it has, so the transport quality suffers.

I prefer my networked music system with SPDIF at the endpoint feeding a Multibit DAC. Most of my CDs were ripped with the transport of a common PC computer.

A high end music Server, truly optimized for music playback, will top any general use computer that is being used for music playback