The title pretty much asks the question. Well . . . What do you think?

Depends on the manufacturer and board layout used.

My player sounds amazing. I've messed with all kinds of audio codecs on the PC side and have heard bad ones and good ones.

I got lucky in that my particular player seems to have quality analog output. Granted it's not the $5K DAC-ADC sitting in my basement (which sadly doesn't belong to me)....but it's better than most onboard sound solutions and better than I've heard from a lot of portable players.