took my pwt/pwd over to a friends house 2 weeks ago for a demo. we tried a variety of combination's and connections using his much more expensive dac and transport (his whole system is MUCH higher end then anything i own).
tried his dac with the pwt then his transport with the pwd. his equipment alone sounded "better" then either of these combination's, regardless of connection type (SPDIF, TOS and AES/EBU). pwt and his DAC using AES/EBU sounded great and came the closest in both our opinion. we both agreed that the AES/EBU connection sounded best in general and the TOS sounded worst.
without a doubt.....the pwt/pwd sounded it's best when used together via the hdmi connection. detail, soundstage depth and overall smoothness were much improved vs any of the combo's and connections we tried. regarding the comparison between his stuff and my pwt/pwd?.....all i can say is he has since ordered and is waiting for his new pwt/pwd.
i'm not looking to get involved in the relative sound quality debate either. thus my reasoning for not naming his gear. i will tell you that it cost over 2x as much and is made by a very respected name. on the other hand...it is 2 years old too.
the pwt/pwd really shine when used together with a high quality i2s/hdmi connection. i use ps audio's I2S-12 solid silver line and absolutely love it. strongly recommend giving it a demo if you're in the market.