PCM still rules, maybe the format it's carried on can be updated (CD) but re-played with a dac with R2R Mulitbit converter, there is still no equal.
http://www.mojo-audio.com/blog/dsd-vs-pcm-myth-vs-truth/
Make sure you read at the bottom:
"When a PCM file is played on a DSD or Bit Stream 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