Results depend on the CD transport and the cables used. Chromecast Audio will sound better if you insert a reclocker inline with the DAC.
Absolutely. MP3 or ALAC streamed files will always lose a little depth and width over the .wav file (CD quality), but if you minimize the jitter from the Chromecast, the streamed files may be even better than the CD transport. If you use a Synchro-Mesh to reclock with one of my excellent BNC-BNC cables, it will probably beat the transport. I stream occasionally using Amazon Prime music and it sounds wonderful. Not as good as my Ethernet renderer, but really nice. I don't use any transport by itself because the jitter is too high. I only use my Oppo for movies now and reclock it with an iFi SPDIF iPurifier, which reduces jitter for Dolby Digital tracks.
Steve N.
Empirical Audio