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This all depends on what format you are playing. When playing lossless formats (wav/flac/ape/cd audio) it should not matter what player you use (and it doesn't). However, if you play lossy formats, like mp3, where the main stories of quality differences come from, it does matter. This has all got to do with the decoder used and how far it stretches the specifications of the codec. However, in most recent players, there is not that much of a difference anymore between decoders. they all should sound very acceptable with mostly only very small psychoacoustic differences. In 'thy olden days', there was however much quality difference in players like winam and wmp, or even between versions of 1 player (winamp was quite bad in that respect in the 1 and low 2 versions)
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