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
Some of us record  music ( live stuff not a copy of ) using high speed tape and great A2D converters and are well aware of the manifest advantages and disadvantages of each format. Both can provide stunning realism and emotional connections....

and yes of course I have a decent TT :-)
Yes. 1/4” tape. I’ve never heard any debate from the vinyl crowd on which is more superior, many discussions though. All seem to agree that tape is the best. I don’t know if this is also the same consensus the digital crowd shares too.

The digital consensus is, "Its better." The analog consensus is, "Its not." 

The digital consensus, well I hate to get all technical and everything but its what we call, "Wrong."

Chinese Butterfly- Streaming it now in high rez from Qobuzz.... lovely 

have to be flatlined or willfully ignorant to not connect with the interplay with Gadd...

but like all things, YMMV
@millercarbon
Your last post, I didn’t understand what you meant. Sorry but I have to ask. Did you agree with me or was that a disagree. Either way. All good.
sdr, he does not know and you will confuse him by asking:) I love R to R.
I grew up with an Ampex in the days when you could get prerecorded tapes for just a little more than the vinyl. But when you have to pay $350 to $500 for just one title and when you can count the number of titles on two hands? Does not seem very practical. If you were a rich guy who just wanted to use it for demonstration purposes I suppose It would be fun. If you had access to live venues with permission it would be a lot of fun.
Music is emotional. Digital and analog are methodologies.