I also think people are missing another important factor, the source. I don't know how AirPlay compares to Bluetooth and the amount of compression that Bluetooth streaming has, but the source of the file is another thing. My iTunes library is filled with some iTunes purchases, but mostly CD imports (using AIFF for full CD quality) and some purchases from HD Tracks. Some of those files are such a high but rate, iTunes won't even sync them to my iPhone.
As nice as a HomePod is, it never will compete with a dedicated well-built stereo system. My Ohm C2, Boston Acoustics speakers, and other speakers along with my various different amps are all MUCH better than any Sonos, Amazon, or HomePod. Of course the tradeoff is size and looks. My mom hates my stereo equipment due to looks and space.