I've had the UDP205 unit for about 5 months now.
I've never had an Opp universal player before. I did hear the 203 in a local store (they did not have a 205 on the floor) but it wouldn't be just to draw any comparison to the 205 based on that. I'll that to the folks at AH.
I bought the 205 largely for the acclaimed audio performance. Like many, I was waiting on the pro reviews to start coming in. Gene and his crew are well respected, but I had enough good vibes from what feedback was out there to take the leap.
The 205 is replacing an old, but highly respected CD player.
http://www.ebay.co.uk/itm/Rotel-RDD-980-And-RDP-980-High-End-CD-Transport-DAC-Very-Rare-/222465209788
This is strictly audio based.
I did some A/B comparisons with this unit before finally retiring the RDD980/RDP980.
My system is in the signature. I connected the Oppo via a 2.0 rated HDMI cable to the Blu Ray input, the dedicated 2 channel via RCA to the CD input, and 5.1 analog input on the pre pro. And I would swamp the Rotel in the CD input. Nothing special on the interconnects, double shielded with rubber coating Fospower cables from Amazon.
CD input...I played about 5 CDs, some that I've played many many times on the Rotel. The Rotel performed well as it always has, but the 205 exhibited more detail, more bass, punchier. Vocals are little more front and center. I think new high quality DACs vs 20 yr old high quality DACs was the difference.
Media Player input...on the pre pro you can select the input connection...HDMI or Stereo (from the 6.1 analog input)...to be honest some music actually sounds better via the HDMI connection, particularly streaming itunes files...FLAC, not so much.
Dedicated 2 ch vs 7.1 2ch downmix...The Oppo representative indicated both the 6.1 and dedicated 2ch analog circuitry each have the same DAC (ESS ES9038PRO Sabre Pro) and there is no difference in SQ. I've heard others (pro reviewers and owners) say the dedicated circuitry is "better". My ears tell me the dedicated connection sounds richer, more meaty on the bottom, the 7.1 2 ch downmix sound more airy. Maybe it's placebo...I'd be interested to hear if Gene & crew discern a difference.
SACD...simply outstanding.
I also heard the Cambridge Audio CXU player...again, it was not an A/B type demo so I can't offer a comparison in that way, but I'll conclude my review by saying, if music detail means a great deal to you, the 205 is worth the money.