there seems to be some confusion with terminology. Multibit = R2R. They can be discrete resistors soldered onto a PCB or thin or thick film hybrids on a IC; but they are both ladders, and both take in PCM and spit out PAM.
Bitstream is a different animal, based on pulse density modulation.
Arguments can be made for and against chips based R2R but the real reason for the proliferation of discrete DAC is that R2Rs vanished from the market place long ago. AD has re-introduced one that is used by several, including Schiit, but it is not designed for audio and glitches.
Whether you place a tube I/V and filter after it or the same deal with transistors is an independent question. tubes of course help get glowing reviews (ducks for cover after bad pun).
Bitstream is a different animal, based on pulse density modulation.
Arguments can be made for and against chips based R2R but the real reason for the proliferation of discrete DAC is that R2Rs vanished from the market place long ago. AD has re-introduced one that is used by several, including Schiit, but it is not designed for audio and glitches.
Whether you place a tube I/V and filter after it or the same deal with transistors is an independent question. tubes of course help get glowing reviews (ducks for cover after bad pun).