16 bits x 12 khz x 2 = 384 kbps

vs.

256 kbps mp3

Bitrate isn't everything. All digital formats are, by definition, lossy in the true sense. It's more, IMO, a matter of what and how much to toss, rather than blindly loving high bitrates. DTS isn't really a very sophisticated encoding algo.

I suppose if you look closely enough analog is really lossy too, it's just harder to exactly quantify how.