@adg101 I completely agree with you that my assessment of the 851D was a bit premature. After putting about 50 hours on the Cambridge, the sound is definitely improving, and I hope that it continues to get better. I am told that it takes at least 100 hours for the burn in. So keeping my fingers crossed :)
However, I would say that the P5 is no slouch either. For $1095, you're getting bass management, HT bypass and a phono stage in addition to a decent DAC. Right now, I don't find the Cambridge 851D to be much superior to the P5, but I guess I should reserve my judgment for another 50 hours or so.
By the way, the rest of my system is Bowers and Wilkins CM10 s2 qne Parasound A21. So far, I am using inexpensive AudioQuest cables (I think I paid around $60) and XLR connector. I plan to slowly add better speaker cables, followed by power cord.