I'm going to have a go at this, but I don't proclaim to be 100% correct...
The way I've been reading this thread, I think that the original question has been a little misunderstood. I understand OP to be asking something tantamount to 'If you have a £50 CD player with SPDIF out and a £500 CD player with SPDIF out, surely there should be no difference in what comes out of the SPDIF socket'
This is something that I once thought many moons ago. As JohnDuncan said, it's about the ability of the player to read the data correctly in the first place more than anything else - you would expect the more expensive CD player to employ techniques that enable it to read as much data correctly as possible. You would expect the cheaper one to not read the data as well in the first place, but to use error correction to pick up the pieces. Therefore, playing the same disc in both machines would produce two different data streams and hence they will sound different (to some people, at least).
I understand what OP is thinking about with regard to Ethernet and error checking but as has been said, SPDIF is one way traffic; no error checking in place. However, even if CD players transmitted the data over ethernet, it wouldn't make any difference as the data coming out of the player could have errors in the first place so if the checking is done against that, then there would be no difference. It would only make a difference if the player then went back to the CD to check for errors against the original but again, there could be different read errors due to the nature of reading a spinning optical disc and you could end up in some sort of error checking loop! It of course begs the question of whether CD's are an appropriate medium to store other sorts of data!
This is why some people believe that Hard disks or Solid state memory is a better medium for reading audio data from - you can have all the error checking and the source medium isn't as likely to have the read errors associated with optical media (or is it?).
Going to lie down now...