Mcmanus-- There are too many variables to give an easy answer to that question. Basically, your CD player is going Drive --> DAC --> Analog output. All the computer is doing is replacing the CD drive with a hard drive. So the answer will depend on the quality of the design of all the different components more than saying "This > that."
That said, I would give the nod to the computer. Plus, it's just cool to have all your music right there.
That said, I would give the nod to the computer. Plus, it's just cool to have all your music right there.