Help with first cable upgrade.

Since they both sound better than what you have been using, I would continue to test the Toshiba against the Sony 700. After longer term listening you might actually find you like the Toshiba over the Sony.  

I might also suggest you upgrade the stock interconnects between player and amp. Used lower level Audioquest cables in the 'snake' series such as the Sidewinder or Copperhead come up for sale on Ebay. I am thinking you can purchase a significantly better interconnect, over the stock ones that came with your equipment, buying used at $30 to $50. I am away from home right now, will return in a week. PM me, I may be able to put together a package deal for you regarding speaker, IC, and PC cables for cost of shipping. 

Not knowing your older MIT speaker cables, not sure if the Canare ones will make the change you are looking for. I do own a pair of Canares, they are great at the price.

Given you have found a player better suited to your tastes, I would upgrade your stock cable collection at less cost than the purchase of the Loki. Then consider it thereafter. Not that I have anything against one, I am just not sure you will need it till other things are sorted out.

Just some of my thoughts. 

Thanks mesch. 

I'd love to try out some cables before I outlay the money for the Loki.  Just let me know what you have in mind and I'll work something out with you.  Sent you a pm and thanks again.

Audience Ohno cables are worth a listen and quite reasonably priced, especially when available used.

You were right mesch.  I listened to both the Toshiba and Sony S700 all day yesterday and the Toshiba sounded better to me over the course of the day.  I was actually surprised that I could discern such a difference between the two.  The Toshiba was fun to listen to with almost everything I played while there were a few cds that were difficult to get through using the Sony.  The greatest example was Brian Ferry of Roxy Music and the song Love is a Drug.  That CD sounded awesome in the Toshiba but intolerable in the Sony.  Vocals were so shrill on the Sony I couldn't get through it.  Don't know I would have noticed  as much if I wasn't listening to them head to head.  Should have done this years ago.  While I do think the Sony is more of what I would describe as detailed, that detail turns out to be what I'm finding as bright, so maybe just more detailed in the upper realm.  Not sure I'm even describing it correctly but the Toshiba was the clear winner for me.  Thanks for all of the suggestions.  I'm getting excited about little tweeks now that I know I can identify them.

Yes, often brightness is heard as detail until after some time listening it is heard for what it is. Listener fatigue sets in.

Though I believe the Loki is a good device and has a place in some systems, in your case I believe you should save your funds for a new CD player when the Toshiba no longer serves. Purchase one with digital output such that a DAC could be used as an upgrade should you desire. This a subject for another discussion down the road.