5+ years old $5k player vs. current $2k player

I would and did go with an older more expensive CD player. After much research I decided to go with an Audio Research CD3 MKII and I am very pleased with the sound and build quality.

Regarding PS Audio Perfect Wave, I have no experience with the DAC. The PWT I own and know well. There are several past threads where PWT users compared them to their older expensive/highly rated transports, most found the PWT a definite step above once broken-in.

The PWT has been sincerely wonderful in my experience.
Best Regards,

Everyone will have their opinion, but mine is that many recent DACs and CD players, especially the more entry level ones, have become more and more lean and detailed whereas many older ones are often richer and more "musical". The technology has changed but so has the desired sound. So, I would think about what sound you want and then go from there.

Get the sony 5400, new, and you are set for another five years.

I completely agree w/ Dtc. My experience is that the newer players (and DACs) are more revealing and offer "features" which accommodate computer inputs. However, from a listening "experience" standpoint, many 5 yr old (or even older) digital sources sound better to my ears. For example, I owned a Berkeley DAC a few months ago (also a W4S DAC 2). It was very good but I prefer such older classics as the Museatex Bidat, Camelot Uther, Audiomeca Enkianthus, Audio Aero Capitole, Accuphase DP75V. To me, the older units are more enjoyable (musical) -- the midrange is simply more fleshed out and solid - top end is less bright. Again, this is simply my experience.