should sound considerably better than one from 1992 that cost $800.
You can't be that sure, however, CD players did indeed improve in general around the early 90's with delta sigma DAC's and oversampling becoming widespread. (Principally Higher speed circuits with higher sample rates are what you get with a modern player - you can approach 120 db+ dynamic range on the most recent delta sigma chips but remember your speakers are unlikely to have more than 60 db dynamic range above the noise floor - so do you need it?)
IMHO, the quality of ordinary players was very good by 1995. Your Pioneer uses an early Delta Sigma 1 bit DAC. These DAC designs are very linear as well as low cost because they are easy to make - the higher speed designs push the out of band noise way way high and allow for less brick wall filtering.
Any player before 1990 and I would be worried about Jitter - it was less understood in those days.
Now only a few Resistor ladder multi-bit DAC's have survived - this is because Delta Sigma's specifications have largely caught up with them in terms of the highest specs.