For the high-performance audio market, it makes a lot of sense to process digital audio data via sophisticated software running on a dedicated personal computer. Which brings us to Parasound's Halo CD 1 CD player ($4500). Some might find it questionable to release today, as one's first digital-disc player, a machine that plays only "Red Book" CDs, rather than a universal or near-universal (non–Blu-ray) player.

It's time to celebrate another memorable year in high-end audio. Each December since 1992, Stereophile has named a few special components its Products of the Year. These are components that not only define the present audio landscape, but that we hope will someday be seen as classics—things you'll want to pass on to future generations of audiophiles and music lovers.

And the winners are . . .