Rusty have you even listened to the 840c? And it doesnt use wolfson DAC's, it uses Anagram Technologies which was specifically developed for the 840c. The 540c is an entry level CDP.
As far as the sound of the 840c, yes it is slightly bright, and dry like the typical British sound, it sounds better with my Maggies and Adcom amp then it does in Franks system with his Salk speakers. There is definitely no synergy there.
Nope, I have never listened to the 840c. 540c IS an entry level CD player, and a very darn good one retail for $350.00. I caught it on sale 2-3 years ago for $200.00. Price for the Ultra is $1500.00, I bought mine used at a very, very good price, so I did not pay the $1500.00. Side by side comparison, the Ultra wins, but look at the price.
I feel like Julian Hirsch, "this CD player sounds every bit as good as it measured at it's price."
If the 840c sounds better than the 540c, then it should be even closer to the Ultra. If the Ultra beats the 840c by a wide margin, than my 540c sounds better than the 840c. If the Insight sounds much, much better than the 840c, then the Insight sounds better than the Ultra for a lower price.
The AMC CD8b also cost me $200.00 seven years ago, and I have hard time telling how much the Ultra is really better than the CD8b. I use the CD8b as the transport for the Ultra, and with it's audio output connected to one pair of the Pas 4i's inputs jacks, to compare it's sound to the Ultra, all I have to do is to turn the selector switch four knotches down from the CD input jacks, very easy. Again, I wouldn't call it night and days difference. Again, it's only my opinion, I don't have your ears, nor your pride of ownership in a CD player.
For the gentleman who said he listened to the 540c in the dealership, could you specify what year? From what I understand, the 540c has been discontinued for about three years, and not too many dealers carried the 540c even than in the U.S.