I expect DACs sample from the stable part of the pulse (near the center), on a fixed clock. It's hard to imagine they'd take timing from the leading or trailing edge, which is the noisest part of the pulse...!
Some DACs work like this. Most do not. In the majority of cases the timing of the signal is determined by the timing of the input pulses and
not by a clock within the DAC itself. This is precisely why, with many DACs, there's an audible difference in sound quality when you use different transports.
Any electrical engineers gurus want to take a stab at this? If edge effects are a measurable factor in digital transmission (and they don't seem to cause ethernet any problem, so I'm skeptical), audiophiles should be screaming for purely optical interconnects
Ethernet is not a valid analogy because it's
asynchronous. With ethernet, all that matters is that the actual data makes it through. It doesn't matter how long it takes; the packets can even arrive in the wrong order; all that matters is the data that is eventually reassembled.
But with a PCM stream the
timing of the signal is critical: it doesn't just matter that you get all the right ones and zeroes, they have to arrive at exactly the right moment time, and a time inaccuracy measured in picoseconds can introduce audible distortion.
Optical connections don't actually help with this, because there has to be a conversion from electrical pulses to optical pulses in order to send the signal along the cable, and then a conversion from optical back to electrical again at the far end. That double conversion process can, itself, introduce jitter. So, generally speaking, coax sounds better than optical. (And in some cases there's actually a limit on the bandwidth too: my Arcam DV27 player, for example, can output a 96kHz signal over coax but only 48kHz over optical. Clearly this isn't a limit of the cable, it's a limit of the conversion circuitry.)
Another thing audiophiles tend to agree about, btw, is that there isn't an audible difference between different optical interconnects.