USB beats out the toslink on the IMac in my setup hands down. That was into a Bel Canto DAC3 at the time I tried the comparison. Using an Empirical Audio Turbo-3 converter now which is pricey but about as good as you can get for USB conversion.
At the end of the day, it depends on how much you want to spend and whether you're happy with the sound you have. USB should win out everytime compared to toslink, but the USB implementation of your DAC (or conversion device ahead of the DAC) is crucial and you generally get what you pay for.
IMacs are nice to in that they respond as well as any other source device to power cord changes and conditioners, but that's a whole other can of worms for people to debate.
At the end of the day, it depends on how much you want to spend and whether you're happy with the sound you have. USB should win out everytime compared to toslink, but the USB implementation of your DAC (or conversion device ahead of the DAC) is crucial and you generally get what you pay for.
IMacs are nice to in that they respond as well as any other source device to power cord changes and conditioners, but that's a whole other can of worms for people to debate.