Most of the magic happens in the DAC (the digital to analog conversion). The player may have a really good DAC and sound better than when used as a transport with an external DAC.
The best CD player I have owned was a Marantz KI-Pearl. My server has a CD transport and connected to the matching DAC, the sound quality is far better than I ever experienced with the Marantz. The Marantz is gone. I also have an Oppo and use it as a transport to my DAC for SACDs and it sounds far better than playing discs with the Oppo's internal DAC.
Whatever has the best DAC is going to sound the best.

