In my experience, a CD transport over a CD player is the way to go. I began using my CD player as a transport when I bought a new DAC as it was sonically better than the CD player's internal DAC. After a period of time, I took a chance and replaced the CD player as a transport with a used 47-Labs Flat-Fish transport and again, heard a noticeable sonic improvement. Recently, I upgraded to a new CD transport (Jay's-Audio CDT-2 Mk 2), it was obvious that this new transport was sonically better than the 47-Labs transport. Plus it has several types of outputs rather than just SPDIF. I'm using the HDMI I2s output from the Jay's-Audio. The older 47-Labs Flat-Fish is still a good transport, but the Jay's-Audio transport has proven to be more sonically satisfying to me. If your CD player's transport/circuitry is of really high quality, you may not experience the need for a separate CD transport, however with the number of really high-quality DAC's out there, as well as reasonably priced high-quality CD transports available, you may want to do a comparison for yourself. I personally don't know of a CD player that matches the sonic quality of a great CD transport and DAC combination. This is also because I like to spin discs and don't necessarily want to load it into my music-server.