Depends on your musical requirements. If you just want to play CDs then a quality dedicated CDP is the way to go. If, however, you're looking at streaming or some other technology then a DAC is the better choice.
Leema Pulse; Arcam CD73; PMC TB2i; Pro-ject Xpression with a ClearAudio cart; Denon TU260 MKII
Or just kill two biards with one stone - Harman Kardon HD990, or any other CDP that comes with additional digital inputs. Sorted.