I own a Wadia 301 and used to own an 850. I've run them with and without preamps and concluded that CD direct will give more detail and subtle textures, but you will lose a little soundstage.
Whether the soundstage of the Wadias is more accurate or not, it is definitely somewhat more centered (narrower) than the preamps. My personal preference is toward the detail, especially since I listen mostly to acoustic music, so I've opted to run CD direct. The other posters are correct in that the Wadia digital volume control needs to be above 70-75 to really come alive (the owners manual clearly states this). My philosophy is to use the money saved on the extra interconnect and component to buy better cables and power conditioning/generating.
Whether the soundstage of the Wadias is more accurate or not, it is definitely somewhat more centered (narrower) than the preamps. My personal preference is toward the detail, especially since I listen mostly to acoustic music, so I've opted to run CD direct. The other posters are correct in that the Wadia digital volume control needs to be above 70-75 to really come alive (the owners manual clearly states this). My philosophy is to use the money saved on the extra interconnect and component to buy better cables and power conditioning/generating.