Let's assume that the quality of a playback system is perceived by how closely the recorded music approximates what happened in the studio or concert hall. That's still subjective, but it does have a kind of common starting place for measuring our perception.

In my limited experience, a really cheap CD player coupled with inexpensive amplification and speakers will sound better than a really cheap record player / cartridge.

But when you begin upgrading the playback devices, most people would probably prefer the mid-grade turntable to a mid-grade CD player. It may be that the turntable introduces resonances or distortion or speed variations that add a sense of warmth or presence.

The psychology of playback using physical storage devices (LP's or maybe tape)--while subjective--is not difficult to appreciate. At least with a CD you had something to hold and place in a player. Streaming / downloading (do people still download?) is in contrast insubstantial and in my opinion soulless.

A great and important discussion for a music publication like Riff.