Yes, but aren't the bandwidth restrictions eliminated when using a wired Squeezebox? Of course for upsampled audio the limiting factor becomes the capabilities of the SB (website says it will pass a maximum 24bit/48khz digitial signal).
I would think that if you are just passing non-upsampled audio in the original CD bit/sample rate, there should be no difference between USB>I2S and SB>I2S.
From there, if you wanted to upsample, you could go into a Perpetual P-1A or some upsampling DAC ... thou ...
In theory, there should be no difference between USB to I2S and SB to I2S, but the S/W drivers and associated circuitry may make a difference.
I expect the SB with I2S to be excellent though.
Steve N.