Hi Don, the Squeezebox is new and I have only listened to internet radio and this has led to variable results, I suppose due to various streaming rates.
I live in Canada and listen to off-cable music provided by the CBC. It is of very high quality (through a good DAC) and in my opinion, equivalent to CD in sound. I have managed to find these same channels via the Squeezebox off the internet and they also do sound pretty good. I haven't had the time to do extensive comparisons, however.
The plan is to buy a Mac mini and start ripping all my CD's at full resolution. It will be very interesting to see how it works, once everything is in place.