I don't know the definitive answer, but I can tell you what I do. I have a PS4, and previous to that a PS3.
I like to listen to/watch concert Blu-Rays/DVD's from time to time. I usually can only choose, based on the Blu-ray or DVD, DTS 5.1 or PCM audio on the PS4/Blu-Ray menu.
I like 2 channel for my concerts so I usually choose the PCM option. Either way, as lovinthehd said, it wounds pretty terrific. When I get the itch to watch a concert video, the sound out of the PS4 is pretty awesome. I realize that's not a technical term but there's no falloff from the digital library on my computer.
Like bommal said, there's no analog for a DAC to work with. Just pure goodness.
I would probably use it a lot more except Blu-rays are slow to load and you have to do all the menus.