What makes a Cd player a Great cd player

Arcam FMJ-CD23 was great because of use of DCS licensed RING-DACS (rotating its divider components to get accurate average value). They had problems with production yield of DAC chips and stopped using them. Next model had regular DACs. I've never heard this player but judging from reviews it is great bargain - good sounding and solidly built.

So in this case sophisticated DAC ICs (used by DCS in very expensive DACs) make this great CD player.

"or will I get the realism that I get from vinyl."

It is very difficult to get all the clicks, pops and noise from CD to accurately mimic vinyl but it can be done.

Mapman - I could be wrong about reason (production yield) - look here: http://forum.audiogon.com/cgi-bin/fr.pl?ddgtl&1186749514

The main problem with DACs is how to get better than 16 bit linearity. Most you can get in traditional architecture is around 18 bit. Sigma_Delta DACs can deliver much better linearity but it is only in specifications. Fast Sigma-Delta has timing issues (inaccuracies)that effectively translate to noise and limit resolution perhaps to the same 18 bits. Ring-Dac allows to get a little more by rotating components to get accurate dithered average current on the output of the DAC. Original CD data is only 16-bit but digital filtering increases resolution.