I compared two channel Oppo 205 analog out to that of Bryston SP3 and I could not hear any major or minor differences - it was too close to make any call. I did this after careful level matching (which was toughest part) and got my girlfriend to change connection to the amps. I used 3 scenarios
1. Oppo 205 direct to Amp using XLR analog out and Oppo vol control (no SP3 in setup)
2a. Oppo 205 analog out into SP3 RCA analog in (one of few which has bypass); SP3 XLR out connected to amp
2b. Oppo 205 digital in to Bryton SP3 ->amp
I level matched with SPL meter. My Salon2 speakers were set to Large (in both 205 and SP3) so disabled any bass management.
For CD and hi-rez (LPCM actually), I strained to hear differences.
At end of it all, I use bass management so SP3 offers best flexibility for me to use it as a hub. Also my SP3 is the latest model which has multichannel USB in (besides latest 4K module)- I spent $$ for it.
Oppo 205 is fantastic kit- and if one has simple setup with only one source- you do not need a HT processor and Oppo 205 would do. If you have HT setup, and multiple sources, then you do need a processor, and leveraging latest Bryston SP3 is a no brainer.
Edit: My Oppo 205 is modded unit with Oppomod LPS and Clock mods.
Hope this helps,
Kris