Universal player or DAC?

You might consider buying an Oppo and having someone like Ric Schultz at Electonic Visionary Systems modify it for even better sound and video. Lots of positive comments. Best of luck.

Why not both? I am so tempted to buy the Oppo 105D and then get the yet-to-be-released Bryston BDA-3 which I can use as a DAC for even SACD, through HDMI. I do not know enough about jitter through HDMI, though.
I am not sure if the PSA Direct Stream can do DSD through it's HDMI. I like the idea of FPGA in DACs rather than DAC chips. But those DACs are so expensive.

If the Oppo does down sample blu ray audio through its digital output, then I would not get an external DAC.
I just compared a yamaha player s-677 through its analog output against my MSB DAC Link III through digital, and the yamaha is better on cd (less digititis, more natural stereo separation), and much much better with blu-ray discs (no downsampling/software protection). Plus it plays sacd.
That made me realize that DAC chips/output stages and their implementation are so much better nowadays, especially in an Oppo, even in a yamaha (cheap burr brown 5102), that it must be hard to get "better" with an external dac. You would get a different sound certainly, but then in that case I would compare good players (oppo, marantz and others), pick the one you like and forget about outboard DACs.