Hi-fi CDP vs. DAC + entry CDP

I would like to know how the sound quality of a $1500-$3000 CD player (Linn Genki, Ikemi), would compare with an entry level CD player (Cambridge D500), paired with a good DAC (Bel Canto DAC 1). That is, will a DAC+cheap CDP combo beat the better CD players out there? What are the advantages or disadvantages? I have no experience with DACs.

All listening will be done through a Sennheiser HD600.

Thank You!
A good one box player SHOULD beat seperates IF properly designed and executed. Shorter signal path, less cabling, lower jitter, etc... are all common sense reasons why this should hold true. However, many designs are not well executed and don't take advantage of the benefits that do exist. This is not to mention that many one box units are built to an overall lower price point i.e. use lower grade parts, smaller and fewer power supplies, are not sensibly laid out in terms signal path, etc... Given these variables, you can end up with a hit or miss situation on either a one box or transport / DAC combo. Sean
Some of the even cheap integrated CD players have excellent transports. Not sure about Cambridge, but this is the case with CAL which you can get realy cheap right now.
Monkeyking, like Sean says, it's hard to give hard & fast rules here. I wanted to upgrade my Cambridge CD4se and after some comparisons, bought an Assemblage 2.7 Platinum dac to use with the Cambridge. This combo produces much better sound than Arcam and Conrad Johnson single box players of equivalent cost that I compared it to. You just have to try what you can in your system and see what works for you. Good luck, Will.
I had a experience the other day with my SF dac and a discontinued Cambridge CD6. As a player the 6 is very good. When I connected it to my dac the results were not so good. I was a little surprised with the tube output and build quality of the SF. It might just be bad synegery.(SF sfd1 mk2)