Best sounding CD (or hi=rez). jazz releases?

Try:

The Big Band Hit Parade on Telarc (515760Y), CD from 1988.  Features Brubeck, Calloway, Severinson and more.  Erich Kunsel and the Cincinnati Pops provide the orchestra.  It's my go-to acoustic test CD for horns and I love all of the tunes on it.

David Sanborn timeagain on Verve (440 076 155-2) SACD from 2003.  It's the only SACD with a 2 channel track that really takes advantage of the SACD format.  I haven't tried the multichannel on it and thought the Red Book track was not so much of a much.  That said, the tunes are great and it is comparatively recent.

Happy listening!

Clark Terry "Portraits". SACD.  Music and sound to die for.  Terry's trumpet images to the right of the right speaker!  Great disc to help you assess the quality of your system set-up.  If that trumpet isn't tightly focused and coming from the right wall of the room adjustments to system set-up are needed.  

Ray Brown  Monty Alexander  Russell Malone

It's available on SACD and Cd.  You can find the SACD on ebay.  Great music.

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My Reference: Jamie Cullum - Twentysomething (2004) Verve CD or SACD.  Other excellent selections via Chesky, ECM and Telarc labels.
Happy Listening!