This is one area where the source has alot to do with it. I've heard things sound the best on each format. Now we're talking the best of each format.
TT = Rockport or EMT 948 w/45rpm media
Digital = Pyramix or Sonoma workstation through either DAD AX24 or Meitner DAC8IV using DSD 128fs or PCM at 32/352.8kHz
Tape = Studer A80 with Flux ER heads and modified circuits
The majority of sources, tape wins every time, if the source is exactly the same.
I was in Japan about a year and a half ago and did a recording of a Jazz trio. I took the feeds from an SSL 9k J mixing board. We recorded in 4 formats; 1/4" tape on an ATR machine, DSD5.6 on a Korg, DXD using Pyramix and DAD AX24 and lastly Pro Tools at 24/192
The Pro Tools take sucked. It was lifeless and 2 dimensional. The DSD5.6 was really nice. The bottom end was a little light though. The DXD was better still with a good coherent balance from top to bottom, though the top seemed a little extended. The tape was very "musical". Was very balanced from top to bottom but felt that the transient snap advantage was given to the DXD and DSD. The hardest thing for digital to reproduce is the low stuff like reverb tails and room ambience. I want to close my eyes and envision how big the room is. Redbook CD can't do this.
Now here's the dilema. Mastering engineers want the sound very clear and precise with no coloration. If there is going to be any processing, we want to make sure that a 1dB adjustment is because the music needs it. Which leads me to coloration and harmonics. Analog and transformers are best at these. Tape wins out with vinyl a close second. This is what makes things "musical". The other end of the spectrum.
Each format has it's own sound, as most of you know. On a really good Studer with SM900, tape hiss is a non-issue. Same with vinyl. A properly set up system with an extremely clean record, surface noise is a non-issue. With DSD128fs and DXD, I feel bandwidth is a non-issue as well. I've made digital transfers using the 2 formats from tape and alot of the times I can't hear the difference. Now granted, most people don't have the room or equipment to detect the difference between a $10k converter and a $15k converter. But if you want that last 1%, tape wins every time!