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I have no doubt that vs a NEW receiver, an old receiver might be better. Japanese receivers of the last 2 decades are built for features - nothing to do with sound quality. Cheap crappy power supplies with cheap crappy output devices for the masses. But compared to a good integrated amp - NAD, Rotel, Cambridge Audio etc etc - well, there is no comparison.
For CD players, there has been some technological improvements. The DACS & improved isolation have led to solid real improvements. The big problem is that lasers will fail & it is never worth repairing an old one. I have an original QUAD CD player & a Denon DCD-whatever in my audio graveyard in my crawlspace.
Ian
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'87 Carrera Cab
----- “Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.” A. Einstein -----
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