@jmeyers When I was in college, I took a course in audio engineering from James Boyk, a pianist/recording engineer. He used to say that no measurement has ever been found that correlates with sound quality. He typically judged tubes and analog as performing better than solid state and digital, and when he said the sound quality was "good", he meant it faithfully reproduced the live sound. He had a lot of experience in recording sessions hearing both the live sound, and then hearing the reproduced sound in the control room, back-to-back. He did consulting for Sheffield Lab, and if you are familiar with their recordings, you will know they are very high resolution, very dynamic (micro- and macro-).
Specifically about the PS Audio, the fact the it has an output transformer might be related to the measured harmonic distortion. It doesn't prevent the PS Audio from having high resolution, but I don't have a more technical explanation than that.