The PS3 sounds fantastic as a CD player, because it has high quality DACs. The PS3 will also decode DTS HD tracks, so you can watch Blu Ray movies in stereo with high resolution sound. I would suggest custom making the cable. You can reuse the SCART connector, but do use high quality mil spec silver plated coax cables (teflon or kapton) and high quality coax RCAs, like the Vampire CX5s.