It has been published (The Audio Critic) that CD players, DACs, Amps, preamps, and wires pretty much do NOT create sounds of their own unless defective or bad SNR/distortion. Thus, they will sound pretty much the same.
However, speakers & processors/decoders DO sound differently from one another - even when VOLUME MATCHED.
Another fact is that not all players (BD) are the same in the way they implement the bass and overall sound.
For example, when my Denon BD player decodes the sound (DTS-HD/TrueHD) and outputs via PCM, there is significantly LESS bass than when my Denon receiver decodes the DTS-HD/TrueHD - volume matched via SPL meter.
Another example was with my Toshiba HD-XA1 player & HK receiver. When I watched The Matrix HD DVD, I compared the TrueHD sound decoded by the player and output via PCM to the bitstream of plain Dolby Digital decoded by my HK receiver.
Again, the plain DD bitstream (decoded by receiver) had significantly more bass than the Toshiba's internal TrueHD decoder - volume matched SPL.
Another example was comparing my Denon receiver + BD player vs. the computer's TMT3 software player's internal TrueHD decoder with the movie Transformers BD (1st movie).
Denon BD player decode ---> sorry a$$ bass.
Denon Receiver decode ---> sorry a$$ bass.
TMT3 HTPC decode ---> Totally Awesome a$$-kicking bass.
Theories are good as guidelines, but don't let them be the final answer to all.
Always try all the possible options and see which one gives you the best sound (especially Bass).
It's not difficult to change from PCM to Bitstream and vice versa.