Some very good points made there by Kal Rubinson. In my experience, even an A/D/A conversion with bass management/time alignment (let alone the more sophisticated "room correction" available today) that my receiver allows with its analogue MCH inputs trumps the "pure DSD" signal my gear is capable of--because I don't have the "perfect room, ITU configuration and full range speakers" mentioned in Kal's post. I've made the comparison. (easy enough to do with my gear).
I am looking forward to utilizing my PS3's SACD capability with an HDMI receiver in the future--though my current set up is reasonably satisfactory with SACD at the moment.