Well, if you like it, then it is good enough. As to whether it is as good as a particular CD player is something you can only answer by doing the straight A/B comparison with the CD player you have in mind.
Actually, I would first check out an A/B using wireless transmission of your music vs a hard wire interconnect from your iMac to the DAC, and see if you can hear any difference that way. If your system is revealing enough, I suspect you will, but of course I may be wrong. In audio, you really can't say much based on theory until you actually try the thing in question. There are just too many factors that affect the exquisitely complex phenomenon of human hearing and perception. So, I am a little less sanguine than Pabelson about assuming "bits are bits" whether wireless or wired. But I hope for your sake it turns out to work just as well, because I love the convenience behind this sort of set up.
Actually, I would first check out an A/B using wireless transmission of your music vs a hard wire interconnect from your iMac to the DAC, and see if you can hear any difference that way. If your system is revealing enough, I suspect you will, but of course I may be wrong. In audio, you really can't say much based on theory until you actually try the thing in question. There are just too many factors that affect the exquisitely complex phenomenon of human hearing and perception. So, I am a little less sanguine than Pabelson about assuming "bits are bits" whether wireless or wired. But I hope for your sake it turns out to work just as well, because I love the convenience behind this sort of set up.