Absolute Best CD Players Out There Under $12k ?

The only machine listed that I have actually heard using phones is the Naim CDS3, coupled with Stax Omega II phones (a combination I own). This can be a quite analytical and dry sounding combination with some recordings. I think a lot of other players would also be brutally exposed by phones like the Stax.

The best I heard my phones sound was with audionote DACs (DAC 5 signature and DAC 4). The Audionote stuff is absolutely grainless, natural and harmonically rich and colorful. It is quite different from the more present Naim gear; my guess is that is an advantage with phone listening.

My guess is that the Linn would sound good too, because it is very smooth and relaxed sounding. I would also bet that the DV-50 would be to your liking as well. It has bass/mid-bass that is a touch warm, and, it too, is quite relaxed in its presentation.

My bet is that the detailed and analytical quality of the EMM Labs gear could be a bit much with some phones, particularly Stax electrostatics.

I own a CDS3. I have not had the opportunity to do any direct comparisons with other top CDPs or DAC/transport combinations, but I've heard many others in systems that I am familiar with. The CDS3 is a very capable player. It has very realistic dynamics and the kind of projection that makes it sound like the musicians are present in the room. There are other machines that give one a better sense of fine detail and delicate "air" on top, but they tend to be less "substantial" (sort of spectral and less solid in imaging terms). The CDS3 is an engaging player that makes you sit up and listen, but it is not harsh and fatiguing. It is not as dynamic sounding as some other Naim players, like the CDX2, but that player sounds mechanical and artificial by comparison.

I also like Audionote DACs (particularly DAC 5 signature) with virtually any good transport. This is quite a different presentation than the CDS3, but very appealing. The sound is more liquid and relaxed, but it is not dull or sluggish sounding either. It may not be as exciting sounding as the CDS3, but it is a beautiful, coherent and luscious sound.