DVD player playing CD's

All players sound different some more than others. CD players are designed to play audio and DVD players are designed to play video and audio. Having said all that, the best way is to put it in your system and see if you like the results. 

That sums it up.

"Any degradation /loss of audio compared to a cd player?"

Well of course there is if it's a high quality player! 

Esoteric DV-50S, a multi-format (DVD, CD, SACD) player.

Think of the price of a DVD player you're considering.  Now think of all the video circuitry going into it.  Now think of a similarly priced CD player, and think of what isn't included in it.

The best thing is to use the DVD player as a transport and get a DAC whose sound you really like.