Bitstream means that you are letting the receiver or pre-pros do all the decoding.
Analog 5.1 (PCM) means that you are letting the player do all the decoding.
Thus, it all depends on the actual decoders. If the receiver/pre-pros has a better decoder, than theoretically the Bitstream will sound better. If the player has a better decoder, then theoretically 5.1 Analog (PCM) will sound better.
So if I owned a $2,000 Denon Blu-ray player, you bet I'm going to use the 5.1 Analog (PCM) output and let the player do all the decoding.
And if I owned the $7,000 Denon pre-pros, you bet I'm going to use Bitstream, unless I also own the $2,000 Denon blu-ray, which would then be a toss-up.
But for most of us lowly people, Bitstream or 5.1 Analog PCM won't matter very much.