16-bit 44.1 kHz - 24-bit 192 KHz is crap, semi-modern D/A converters do a good job of covering this up...a very good job. It's trickery though.
1-bit DAC, are you talking about sdm? Paula doesn't perform any tricks to give a perceived enhanced output, so in this respect it will not sound as good as a CD player even, but the extra bit depth of 14-bit over 8 is very welcome indeed. Cd's were going to be 8-bit originally, heaven forbid...