Multi-path makes a perceptual difference by reducing distortion at lower listening levels. Multi-path THD reduction can be an order of magnitude, or far more, compared with legacy single-path architecture. This is easily measured on THD+N test equipment (see Bob Katz review). But most importantly – and something Bob experienced – reduced THD is immediately perceived in improved imaging, texture, and atmospherics.
Good audio gear is now achieving -120dB THD+N at max levels. Multi-path THD reduction is achieved when the signal drops into the “low path” (say -35dBFS). As any classical/jazz/acoustic recording engineer knows, the “detail and space” of an acoustic recording in a good room is perceived in the quiet passages, the reverb tails, and the immediate / initial texture of percussive notes.
So, multi-path isn’t really about “more bits” or “sample rate” — it’s mostly about a dramatic reduction in THD+N. Compared with today’s best D-to-A converters, multi-path improves dynamic range and linearity by 100X, and reduces THD+N by 10X to 100X or more. This is the greatest single audio improvement in the 140-year history of audio (LP to CD was a net 30X improvement in dynamic range and linearity).