CDP or DAC?

Seems to me you'll have greater flexibility in terms of pleasing your ears if you go with separates.  DACs can vary enormously in their presentation. 
John Darko once used a "cake" analogy, contrasting those who prefer to "taste cake" to those who prefer to "taste flour, sugar, butter and eggs". 

If you're used to vinyl, you may find a good many DACs are too clinical in terms of breaking the music down into its constituent "ingredients". . . or, you may find their ultra-resolution very exciting. Who knows? You'll have to demo some and see. If you know you prefer to "taste cake", I'd second the R2R recommendation.   

BTW; like two other posters, here, I use the Moon 260DT (transport version). 

@jond:

"You've pretty much hit on why its a crapshoot buying a CD player these days that transport goes and it's a boat anchor."

Depends on whether a company has transports stashed away for future repairs or not.  

"Unless you just like futzing with physical media there is no fundamental benefit."

Well, I guess I'm old-fashioned and clearly, the "futzing" and the "benefit"
 are in the mind of the beholder! 

I like books-- forget the kindle-- and I like CDs. There's something very reassuring about being able to grab a title from a wall of cds, actually hold it in my hand, read liner notes for the umpteenth time, etc.Maybe there's ritualized aspect I find comforting but I liked analog gauges on my dashboard, way back when and I can't see that in terms of ritual. 
I'd rather wash a carrot and cut it up with a knife than buy a bag of pre-washed, pre-sized, pre-peeled, ready-to-eat "karits".
 
The last thing I want is for my audio system to feel like one more damned computer interface. . .as if they're aren't enough of those that I have to contend with, already.  

Won't be long before we're all born with a keyboard implanted in one arm and a screen in the other. . . gonna have to memorize passwords for all the basic bodily functions... 

I'm in no hurry to go there ! 

To paraphrase the Kinks: "I'm a twenty-first century man but I don't wanna be here". 

@mozartfan:

I had a Jolida JD100 for quite awhile -- I'm sure it was no competition for the Cayin!