DSD vs. PCM: Myth vs. Truth

DSD64, or SACD, has higher resolution than a 16-bit 44.1KHz Red Book CD, roughly the same resolution as 24-bit 96KHz PCM recording, and not as much resolution as a 24-bit 192KHz PCM recording
Even though many recordings are advertised as being 24-bit, all 24 bits were used only in the recording studio to reduce quantization noise. The consumer version was mastered at a much lower bit-rate, usually at or below 20 bits.
The DSD64 tracks on a hybrid SACDs have roughly 33 times the resolution of the 16-bit 44.1KHz PCM tracks. This was done purposely so that they could sell more SACD players by fooling potential customers into believing that they were making a fair comparison when they played music from the same disk.
DSD has significantly higher quantization noise than PCM, and the noise is much closer to audible frequencies, requiring significantly more sophisticated digital filters, as well as noise-shaping and upsampling algorithms, that can result in distortion of the analog signal.