Vinyl vs. top-notch digital


I have never had an analogy rig. My CD player is a Meridian 800, supposedly one of the very best digital players out there. From what I've read, it appears there is a consensus in our community that a high-quality analog rig playing a good pressing will beat a top notch digital system playing a well-recorded and mastered CD. So here are my questions:

1) How much would one have to invest in analog to easily top the sound quality of the Meridian 800 (or similar quality digital player)? (Include in this the cost of a phono-capable preamp; my "preamp" right now is a Meridian 861 digital surround processor.)

2) How variable is the quality of LPs? Are even "bad" LPs still better than CD counterparts?

Thank you for any comments and guidance you can provide.
jeff_arrington
i notice a few 9 year old posts from me in this thread. my digital is much, much better now, but what's crazy is so is my vinyl much, much better now. 

and better vinyl (even sometimes but not always digitally sourced) is still easily better than the very best digital. but the very best digital is now super good and streaming has opened up so much music that digital is really amazing.

so it's now 'best sound' verses best way to listen. i have top level vinyl, but mostly listen to digital. i follow the music.
It’s the CD playback system that’s to blame. It always was. Issues! 
"and better vinyl (even sometimes but not always digitally sourced) is still easily better than the very best digital "


mikelavigne-I'm glad you made that  statement, and not me!  Some of the digital rigs I've heard have been truly been wow, but I still don't hear WOW!

There is still an emotional engagement(not  technical/scientific) that a record(no reissues!) provides to my ears.

Maybe it's just me, but a 1960 mono copy of Ella Fitzgerald singing "Black Coffee" from "Let No Man Write My Epitaph" versus the latest file, is still "missing" something I can't explain?

Also it doesn't necessarily  need to be on a stellar phono setup, just properly set up.

That said, If I did have a streaming setup, I likely WOULD use it more than my table. Nothing like typing into your Ipad, whatever you want to hear!

Particularly convenient for entertaining, hanging out with non audio friends.

There is a reason why everyone says their DACs sound analog and nobody says their turntables sound digital.