Absolutely, the 861 is Meridians best 2 channel DAC, it just comes standard with bonus channels.
I know your speakers are not digital yet, one day soon they may be. My new ones have a digital crossover, so my signal is digital through my Meridian all the way to the speakers crossover.
"So are you saying that the DAC inside the 861 would produce analog signal for the amplifier at the 2-channel music performance level better than the straight analog route through the SP2?"
Yes!, shorter analog signal path = BETTER!!!!, no interconnects and minimum 8 extra contact points eliminated and op amps and impedance matching stages eliminated etc= BETTER.
Why do audiophiles ignore the fact that most companies like Meridian, bryston, Theta, Burmester and Halcro for example put their best DAC technology in their Prepros! and everyone wants to skip the efficient proper route and run an analog signal into a DIGITAL PROCESSOR. Instead of using the prepro how it is designed to be used! To me if you don't have a tt, worrying about an analog pass thru is like not buying a computer because it doesn't have a 5 1/4" floppy drive. What's the point to split valuable funds simply to buy 2 DACs? I cannot make sense of this other than it is a habit or conditioning based on ritualistic system design based in the two channel tradition. Maybe you could tell me where the disconnect is for you?
Basically you can skip a high-quality external DAC/SP2 combo because the 861 DAC would be better sound-wise anyway?
Let me tell you an even more relevant story, you'd be hard pressed to find an external DAC that run analog through the SP2 would sound better than the SP2 used a s a two channel dac! The 861 would sound better yes, easily.
I'll speak for myself, 2 channel is a joke compared to surround, with the 861 2 channel CD's surpass the best LP has to offer with an ease that is downright frightening to the analog protagonists who often believe multichannel is incapable of high fidelity. I will tell you that the 861 playing two channel is not as good as LP has to offer. Interesting no?