I would strongly suggest you look at the older Monarchy stuff. I have a 22a, and could not be happier. The unit is looped in to my pre via balaned outs, and I can do quick and easy A/B to a standard Denon 2900 universal. There is no comparison between the two on redbook cd.
On the upside, I do like the universal player as a transport, it lets be play my limited number of SACD's as well as DVD's for which the 2900 has very good picture quality. But when the lights go out and its time to listen the monarchy goes into service.
Overall you get a much more open and less stringent sound quality from the Monarchy unit. The 2900 seems somewhat brittle in a direct A/B. Would say things would only improve with a good transport, but like I said, its nice to have the SACD and a good DVD in the mix as well.
The older Monarchy units are going around 250-350 at this point. You may also want to look at the older EAD units as well. Bottom line I think you will get better overall sound from a decent DAC then an upgraded player in the price range you are looking at.