You also need to mention the massive amount of noise a Delta Sigma has compared to a Mulitibit, that it needs to get rid of. Even the 6 bit hybrid Delta Sigmas.
Sorry just noticed you did.
Furthermore, as this manufacturer states 90% of the circuitry and the major part of DAC performance is all in the ANALOG design (so according to manufacturer much of the performance is NOT even related to Multibit R2R NOS vs Delta-Sigma digital conversions)
Not as far as MoJo Music thinks when doing Redbook on both.
"
When a PCM file is played on a DSD or Bit Stream Delta Sigma converter, the DAC chip has to convert the PCM to DSD in real time. This is one of the major reasons people claim DSD sounds better than PCM, when in fact, it is just that the chip in most modern single-bit DACs do a poor job of decoding PCM."
Cheers George