I have the Wavedream Net paired with a Wavedream Signature DAC. The Wavedream NET replaced a Roon Nucleus. The DAC replaced an Aqua La Voce S3. The CD player in the Wavedream Net replaced a Marantz Pearl SACD player. I have no experience with the Wavelight models, but would expect them to be close to the Wavedream in terms of sound quality.
The most noticeable differences in sound quality were in this order:
DAC
CD Player
Server
The Wavedream server is slightly better than the Roon Nucleus it replaced. The fact that it also replaced a very good CD player and makes CDs very listenable is the only thing that kept me from being disappointed by that purchase.
The DAC on the other hand was an instant "wow" moment.
Long story short, consider investing more in the DAC than the server.