Are we reading math papers or listening to music around here?
There are so many ways to screw up digital that the choice of encoding scheme can easily be swamped by downstream concerns. Implementation is key. Can't listen to a theoretical model.
I sorta like my Wolfson based Wavelength Audio Brick on bluebook more than my $300 China special ES9018 eval board circuit with DSD. Part of it may be that that a choke loaded 12AU7 might sound better than an OPA627 or AD797 to interface to the outside world.
Call me an analog throwback, but I never heard any DAC match the flow of good vinyl or tape, although digital can provide an acceptable home entertainment medium.
I often wonder if the bottleneck isn't on the A to D side. The market and R&D seemed skewed toward playback devices.
People are listening to $50000 DAC using files made on $500 ADC machines.
Maybe DSD/SACD demands a higher investment and sophistication in AD technology and that accounts for some of the professed differences.