Buy a DAC or buy an SACD player?

Dave:
I´m in the same situation.....
My intent is to get a good sounding DAC for improving my CD playback and lessen the new digital "itch" and wait for the multiple player / dominating format soup to "reduce".

I'll jump in and wholeheartedly recommend along with Sean and Tim the EVS Millenium II.

Ric is down to a two week wait time now, and a 30 day money back clause. go to tweakaudio.com

this upsampling 24/192 dac is blowing away stereophile class a pieces like Audio Research DAC3 and Meridan 508.24

check out the reviews at audioreview.com under dacs

Has anyone compared these $1000 ish upsampling dacs to one of the moderabuck players such as the marantz sa-1 and sony scd-1 ?
I heard the scd-1 lose out to a dcs/elgar with 192 upsampling. Pretty close actually. I bought the scd-1, but I am interested in hearing if an improvement can be made (of course!). The scd-1 has some of the very best cd playback I have ever heard. I loaned it to one of my friends who commented that his levinson 360S sounded better, but only by a very minute amount.
cheers,
john.

The Kora Hermes, an inexplicably overlooked DAC, renders jaw-dropping sound for a mere $1500 retail. Interpose this chrome-faced converter into your system and you'll notice, without trying, that once unintelligible lyrics are suddenly fully articulated. Some of the Hermes' sonic attributes can be ascribed to its triode tube output, 24 bit chips and studiously separated digital/analog power supplies. Have a little faith and buy this French jewel...you'll be glad you did.

There are a lot of good deals available on used dacs and jitter reduction devices (usually necessary to get best sound from dac) so if you have a lot of redbook cd's that would be the best way to go.
If you are going to get an MSB, I highly recommend buying with a right of return. I tried the original MSB Link and was underwhelmed. I got a lot of criticism at the time for returning it, only to subsequently find at least 2 aftermarket modifications released which claim to address the very problems I heard with it (it lacks bass and has a lean midrange).
DAC's I recommend are the Bel Canto or Micromega.