I a/b the Bel Canto and the analog out of the toshiba every day... it's not really close but we're talking about a $60 cd player and a $1200 (new, $800 used) dac. the toshiba sounds pretty good for the money, certainly better than any other lowend dvd/cd players I've used (a few sony models).
The Bel Canto's high end is much more subdued, cymbals lose that high end sizzle. The bass on the bel canto is more defined and the soundstage is a touch wider and the imaging is noticeably tighter.
the toshiba has nothing to be ashamed of though, when I switch over to the straight toshiba I can still enjoy the music.
I've never really listened to highend analog but I would say that the toshiba sounds like good digital whereas the Bel Canto DAC 2 sounds much more analog and musical.