Is Bluetooth good for sound?

Squishman

Squishman

Audioholic Field Marshall
In my 2-channel room, my main music source are two ipod touches. One is exclusivly LP's recorded and the other is CD's and downloads. I bought a $25 bt receiver for that. Is that a bad idea if I want good sound? I do not like to cut corners when it comes to sound. I was assuming it was good. My Teac CD-p650 cd player has ipod control, which is nice. I could find another one of those instead.
 
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