What seperates "hi-fi" from "mid-fi" in cdp's?


I find that in my search for the right CDP I really don't know what, mechanically, seperates the good from the not-so-good. Although I understand which brands are more highly regarded than others, I don't understand why.
Along those lines, I would also really appreciate a very brief description of the primary working parts of the cdp and how they differ among "levels". For instance, how does the number of bits matter? Or is it just another useless audio stat?
Or, if I am asking a bigger question that I think I am, maybe you could direct me to a good reference for this issue? Thanks JB3
jb3
You asked for specific brands in your followup response. I used to own the Rega Jupiter 2000 and found it very satisfying for a mid price unit. It was very musical, analog sounding and nonfatiging. Definitely hi fi to me. There are some excellent reviews on it including TAS and Stereophile. I liked it better then my Meridian 566-20 DAC Theta Pearl combination.
Aroc, They keep saying that is the case and Sony and a few other companies are prepared to make it so. Hopefully, it will come to pass soon. Best Buy here in Charleston is carrying a decent selection and Acoustic Sounds really has a lot of stuff.
If we can get hybrids from here on out, SACD will have a chance. Multi-channel should help some also.
I certainly don't know (but it would be my feelings) that a lot of remastered SACD material probably want come to pass.
Guess we'll both wait and hope. From all I've actually heard, SACD is much more musically envolving than CD but then again, how much of the general population cares? Ain't really a lot, percentage wise, of "Audiophiles" to buy this stuff. Of course, probably 90% could care less about HDTV but it's coming, like it or not! So, we'll see.