Serge,
I have a very cursory understanding of how digital works, but it seems to me that the art in making an excellent CD player or a DAC has to be in the conversion of the digits into an analogue signal, and I think this is where the differences lie.
Here's an example from digital photography to illustrate what I mean.
Most higher-end digital cameras let you shoot in RAW mode. In this mode you get the (raw) data off the CCD or CMOS sensor without any processing. However, with jpegs the camera's software processes the raw data from the sensor before outputting a jpeg file.
The interesting thing is that firmware updates to the camera can change the processing algorithm, so the jpegs you got before the update look different from the ones after the update.
Several years ago I bought a Fuji S5 D-SLR. The jpegs the camera initially outputted were OK but nothing special, so I gave up on using the camera's jpegs and instead used the RAW files, so I could fiddle to my heart's content in Photoshop. However, after a particular firmware update the quality of the jpegs improved considerably.
I still shoot in RAW mode 99.9% of the time, as I'm not after photographic accuracy so much as a "look" but let's not let that cloud the general point I'm trying to make: the jpegs the camera outputted after the firmware update look better, in this case, subjectively more accurate and natural. The digits haven't changed at all, but the output (i.e., the camera's processed jpeg) has in a way that makes the result look more real.
Bringing this back to audio, isn't something analogous happening within a DAC some are better than others at converting the 1s and 0s into analogue signal?
Joe