AM vs. FM (and FM at varying bitrates)
What I heard in Philly was this...When WPEN was still playing music, depending on the song the codec either really sounded great, or it went downhill...Some songs, like "Blue on Blue" by Vinton trashed the sound...OTOH, "You Can't Hurry Love" was almost indistinguishable from FM and probably better....Probably instruments..Bear in mind, also the frequency response is higher than analog FM this helps in one sense, whether or not it 'sounds' better, and the Stereo separation is well nigh out of this world, be it AM OR FM..Leonard Kahn actually uses this in his arguments against IBOC, that the dbs of separation are more than the human skull (or ears?) can discern, lol, and you can tell it's so great that it actually exceeds anything you've experienced in a while, at least that I can tell.
FM, I could tell a difference by the bitrate...At the time, BEN FM had not yet started multicasting and was running the full 96kbps that stations that only run one stream run...Tremendous sound..The Yamaha I had starts you off analog and 'blends in' to Stereo Digital, and that was just amazing...I would almost say the HDC codec at 96kbps was better on FM than the MP2 codec used by DAB/Eureka-147 that I heard at 192kbps (or 224) in Toronto, but the radio I had in Toronto was a cheap Perstel "Walkman" type, and the one in Philly was a Yamaha home theater unit, so that might be the case instead. WRDW-FM had 3 different streams and you could tell the compromise but probably was a case of 'some ears yes, some ears no', and still not the shrill 'aluminum foil'-ness that I heard on XM, or worse, Sirius.
Another thing is the noise level is well, there is no noise so what you have as hiss on analog is pure, I mean, pure silence on digital...Like you don't know silence.