I agree with Matt, Alistair. Let your ears be the judge.
The CD-48 has the Philips TDA1549 chip and CD12.1 drawer mechanism. They are both very good and the same as fitted to the ALCHEMIST NEXUS APD32A, MICROMEGA MINIUM, PHILIPS 700's, and SUGDEN MASTER. The TDA1549 is quite rare. You can read the fact sheet here:
Philips_tda1549
The MERIDIAN 203 uses two SAA7321's, and in the Mk II version has instead the TDA1547 (DAC7). The SAA7321 is also in the Marantz cd-52 MKI for instance.
There is no good reason that the CD-48 wouldn't sound excellent, just as the Meridian hooked to a transport would be excellent too.
If it were me and the Marantz sounds good on it's own I'd sell the Meridian and put the proceeds into a speaker upgrade, or, even better, some nice CD's.
Rich