Almarg - sure, the signal path is that which carries the information. Nothing is in the signal path until it is. The signal changes many hands (digital, analog, sometimes back and forth) - each time is actually physically converted into something else. In that sense, even amplification is a conversion (to a higher-intensity signal). For the purpose of this example, is might be viewed as taking clay from a jar (AC, or a rectified version thereof) and molding a faithful reproduction (or encryption) of the original.
Blah, this came out too poetic - sorry.
Blah, this came out too poetic - sorry.