Marc, although it's remarkable how the relatively crude technology embodied in the LP could serve reasonably well for so long, the digital process is a superior technology for the precise reproduction of analog waveforms. Garbage in, garbage out, of course, so if the original recording, mixing and mastering procedures don't take advantage of the capabilities of the technology, a CD can sound bad.
The 16/44.1 capabilities of the standard CD provide ample frequency and dynamic range for our ears and the material being recorded. Some so-called "high res" material can in fact sound better, but if so, this is the result of better production procedures, not any inherent audible advantage from higher sampling rates or dynamic range capability.
In my view high priced DACs are a solution in search of a problem. For many years the DACs typically used in moderate cost audio equipment have been at a state of technological maturity which provides audibly flawless processing.
