Delta Sigma type dacs (redbook dsd, hirez, sacd ect)
vs
R2R Ladder Multibit dacs (mostly redbook only, there are a couple of very expensive exceptions).
This guy hits the nail on the head for me, there are many others also that delve into it far to complex for these pages.
If you can't understand it don't worry go down to the look and it may start to make some sense.
http://www.mother-of-tone.com/conversion.htm
Cheers George