Cheap DVD Player and Quality DAC

I have read this comment a number of times - just buy an affordable dvd player and match it with a quality dac and you will have a high quality universal source solution that will match many one box cdp for audio while giving you multi source options (SACD, DVD audio and video) and can be upgraded in future once formats evolve further. Anyone doing this with good success? What are you using? What do you think of this approach.