there is also a school of thought (rubbished by many) that noise in the digital signal pathway has an influence on the performance of a given system. alpha-audio and the sound of ethernet have done some good work in this area... they think that common mode interference in the digital signal pathway can cause audible differences...
i'm with
@Jefferson Hoëck on this one. mastering is the main reason for differences between media - imo especially the vinyl vs digital debate (and dynamic range has a lot to do with it). i can also hear differences between CD vs streaming. Until recently i actually felt that CD>streaming. but since my efforts to optimise my streaming system - i now prefer it to CD.
i can also hear differences between streamers/digital transports. that may sound crazy to some, but it seems (despite my presuppositions) to be a reliable and consistent finding that i've begun to accept. i guess after enough experiences it's hard to keep denying my senses