The SPDIF is probably worse, but a good SPDIF receiver should help clean it up. Also, its much easier to get galvonic isolation of the SPDIF signal, which, especially sourced from a computer, is a good thing in my book. Dusty is right though, both the SPDIF and I2S outputs from the PCM270x are recovered clocks, and the internal PLL of the receiver isnt all that good at cleaning them. Async is really the best way to do it from a jitter standpoint, though a good PLL and reclocking would go a long way. I know some of the Tent secondary PLLs, for example, claim single digit ps range jitter figures, which is just superb.