iPod as a source 80 gig model, lossless

Have any of you tried using an iPod with lossless cds ripped as a format as a source for your home high end system? Is it a non-starter, listenable, pretty good, enjoyable, or fantastic?

I'm used to cd players in the $2k to $3k range, currently Cary 308T. Stiff competition I know. Perhaps absurd. Or perhaps not?

You tell me.

I'd sure love to have that convenience of choosing a different album with the same ease as changing the volume!

Art