Is good sound possible with an inexpensive DVD?

I'm looking for decent sound from a machine which plays DVD, CD, CD-R. In the $300 range (new), preferably less. Audio Advisor has a few models that they claim sound good --like the Philips DVD712AT. How would this compare to an intro-audiophile (Cambridge Audio) CD player? Any other suggestions? Thanks.
FYI..Cambridge Audio also makes a DVD player. Has upgraded picture as well as sound, over a cheap DVD player. It has some computer type features I believe as well. It lists for $399. Demos are available quite often at Audio Advisor for $300.

There is a good overview at the Spearit Sound website.

I personally have an inexpensive Burr Brown DAC chip based Pioneer DVD player with audio modifications by Stan Warren. With Stan's mods it compares with a $1500 to $2000 audio CD player in my opinion. It only falls short of a over $2000+ CD player in the quality of the bass.
(I have done comparisons.)
Total cost was about $450 new.
NAD T550 is what I'm using. I use it mostly for music playback. Every now and again I watch movies, but not very often. I've been impressed. It is supposed to retail for around 800, but Upscale Audio in CA was selling them for 329. Plus, when I'm ready to upgrade, I can add a DAC instead of buying a whole new player.
You can't go wrong with the Sony DVP-NS500V. It also plays SACD. One of the best-kept secrets out there. You can get them used for about $125-160. I have one in my bedroom system and it is marvelous.
I agree with Sherod on the Sony DVP-NS500V. Heck, I purchased mine about 6 months ago BRAND NEW for $160 from Circuit City, which was then engaged in a miniature local price war on that item with some other mass market retailers. At that price, I should have bought two of them, so I could have another one as a back-up.