I'm sure Dan Wright's modified P-3 sounds great. I own a Millenium II and I love it (but I didn't compare it to any other stand-alone DACs). Parts-wise, the Millenium should easily win out over the Perpetual and that should mean that it will sound more natural and pure (on paper, anyway). Depending on the upgrade and cost, upgrading your CDP may be a good option. One box should be better... technically...but the standalone DAC gives you the option of using it on different players, transports, DVD, etc. That can be handy. I honestly can't imagine a one box player in the price range of the EVS dac (plus CDP or DVD transport) that will sound better.