Now that the contents of a CD can be held in RAM, never mind in other
cheaper and still very fast digital storage, what does an expensive CD
player offer that a cheap transport and a decent digital-to-analog
converter cannot?

If DAC products can buffer seconds' or even minutes' worth of data, and
can stream it out to the actual DAC circuitry with GHz precision, there
doesn't seem to be much need any more for costly CD players.

Am I missing something?

Daniele