Will a $700 turntable outperform a CD player?

will be able to access my vinyl recordings as easily as I do CD’s, but with even greater resolution . You can't get greater resolution when transforming your vinyl collection to digital . You will get what is already on the vinyl , period , thats it . 

Having said that depending on digital playback equipment you might even get a inferior sound , more brightness , colapse soundstage and things of that nature . 

On the question of which is better , analog or digital it depends on the equipment and recording . There are one box solutions for digital that sound great even on redbook cds and vinyl setups that sound fantastic . 

There is one thing for analog playback that I consider extremely important to get the best possible sound that many omit when they are commenting on vinyl playback and that is the quality of the phono circuit or Riaa conversion circuit 
 

No matter how good your turntable or cartridge is if your phonostage is not up to the task you will never be able to reach your analog setups full potential . 

Experiment and hear the differences between two phonostages and you will be surprise at the profound differences in playback between them . 

If you get the best digital and compare it with the best analog their sound will be very close . So close as to say that one can prefer one over the other and no one can complain . Obviously these playback system will be in the thousands .

On a more earthly system a 700 dollar Analog playback system a la Rega 2 or 3 or Project 1expression 3 with a good cartridge ( which will push the price of the analog rig over one grand ) will outperform a good 1000 cd player even though a good one will give the analog rig a run for its money at this price level .