I have a Meridian 800/861 combo. The 800 serves as a CD transport, the 861 is the DAC/Preamp in a 2-channel configuration. In my experience, it sounds terrific. It is difficult for me to comprehend how a high-quality 2-channel preamp could improve upon the sound of the 861. On the one hand, you have the 861 directly feeding an amplifier. On the other hand, you have the 861 serving only as a DAC, feeding another component through an additional set of interconnects. Given that the 861 is the CD output, how could the final sound product be improved by going through an additional set of interconnects and a preamp?
If you are using a standalone CD player, I could understand it. But if the processor is also serving as the DAC for a transport (and the 861 is a darn good DAC), something must be lost by forcing the signal to go through an additional component before it gets to the amplifier.
If I am wrong, I would appreciate an explanation. It might be that those who like a preamp in the chain find that the added coloration from the extra component is pleasurable.