I have not compared the P5 to CD players per se, but I can tell you that it's an excellent DAC and preamp for the price. I had the P5 before, then I saw a great deal on a Cambridge Audio Azur 851D DAC at Audio Advisor (original price was $1695, marked down to $999), so I foolishly returned the P5 to Audio Advisor and bought the Cambridge 851D instead. Big mistake!
I can tell you that the Parasound P5 was heads and shoulders above the Cambridge for sure, and quite a bit better than the Rotel 1570 preamp that I had before. You get HT bypass, bass/subwoofer management and tone controls (with bypass). The Cambridge with all it's gimmicks doesn't even come close to it. I'm still kicking myself for my mistake.
I can tell you that the Parasound P5 was heads and shoulders above the Cambridge for sure, and quite a bit better than the Rotel 1570 preamp that I had before. You get HT bypass, bass/subwoofer management and tone controls (with bypass). The Cambridge with all it's gimmicks doesn't even come close to it. I'm still kicking myself for my mistake.