Dedicated CD player vs. Universal Player


I've been thinking about getting a blu-ray player for video and replacing my Yamaha universal player with a dedicated cd player. Question is do universal players compromise the quality of redbook cd? I've heard pros and cons but wanted to get some opinions. Also, what might you recommend for a cd player $500.00 and under? Any sleepers out there?
Thanks!
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I would recommend a Cambridge Audio 640C V.2 or 650C as a dedicated cd player. I have a 640C V.2 and it is much better sounding to me on redbook than my Denon DVP-2200 universal player.
It also depends on whether you use an outboard DAC. It's good to have more than one player though.