Basically a ladder R2R DAC has poor linearity but low noise and converts PCM natively.
The use of basically is correct that haven't been done well, this is why I've always stipulated "well implemented" when saying this, but saying this I'd rather have not perfect linearity compared to a Delta Sigma dac that only giving a facsimile of the real thing with pcm. Even old school TDA1541's "well implemented" sound better to me doing PCM than Delta Sigma (even the highly rated Bricasti M1) can do.
Cheers George