Hi gang-
In my many experiences with various digital equipment I've always come away with the impression that, to my ears anyway, Bitstream/Delta DACs have been slightly "softer" dynamically than the multi-bit DACs I've heard. I've always preferred the sound of the Burr Brown 18 bit chip sets to most anything else I've heard, but some of the newer 20 bit DACs aren't far behind. As-close-to-real-as-can-be-expected dynamics are something I strive for, and a soft dynamic presentation leaves me wanting more. I'm not talking about an "in your face" midrange, just something approaching natural dynamics. Real instruments are extremely dynamic - just listen to a live piccolo someday! - and it's rare to find a system that does them justice. I would love to hear some of the newer equipment that is spoken so highly of around these parts, but that's been my experience to date.
Still looking for the Holy Grail-
Ed