Yes gpgr4blu
Keith Johnson is the master of PCM recordings "Reference Recordings" and a firm believer in HDCD.
The Spectral Pro Dac which is their only dac used
"DACs are four UltraAnalog D20400A 20-bit types with HDCD filter chips, made of discrete and monolithic components encapsulated in a potted module, in a balanced configuration (left +, left -, right +, right -) " Which are R2R Ladder Multibit Dacs
The current CD player which you say you have not listened to carefully is
The Spectral SDR-4000SL which is a cd player, uses the cheaper AD1853 multi-bit Sigma/Delta DAC in it.
Cheers George