kevin is right. every conversion = loss of some kind.

follow the signal in archiving an analog master to dsd vs pcm:

PCM: analog signal---> 1 bit ADC (note, all pcm begins life as 1 bit dsd) ---> decimator filter ---> PCM recorder ---> dlta/sigma modulator ---> digital interpolation filter ---> analog HF, low pass filter.

DSD: analog signal ---> 1 bit ADC ---> DSD recorder ---> analog low pass filter

dsd is the least conversion of a conversion. it divides evenly into any format. sony rigged the hardware so that you could compare a modded studer 2" open reel machine to the dsd copy of the master tape in real time, on the fly, with a switch. every industry pro they offered the test to said the loss in transfer was so minute that it was more than offset by the plus of digital convenience. the same test was offered comparing the best vinyl setup with the same results. that's enough for me.

once you are IN pcm, you cannot get OUT. you are stuck there. pcm will not reconvert to 1 bit. it can't even down convert to 44.1 without a toss-out of info (44.1 doesn't divide evenly into 96, etc., as kevin pointed out)

the evidence is in the sacd hybrid disc. it contains the redbook stereo cd version AND stereo or multichannel sacd (a real value @ $19, if you ask me). it's backward compatible. in fact, from 1 bit it will convert to any digital format with extremely little loss.

also, the sdif (sony digital interface) cable has 3 wires...clock, dr and dl, vs the coax cable that has all 3 into 1 wire (jitter).

sony is only behind in recording hardware, but catching up fast. sony/phillips is huge. and, they clearly have the better system.

look up anything you can find on ed meitner, emm labs. he designs all of the dsd hardware and is, i think, THE guy in recording hardware quality. if he says dsd is the clearly superior method, i don't tend to doubt it.