This is one of those topics that has been discussed/debated a lot. I've had enough discussions with engineers to reach the conclusion that there are definitely audible differences between transports, and some explanations (ie. jitter resulting from numerous things, including signal reflection in the SPDIF connection, error correction, etc) make sense to me, while others don't (eg. why re-clocking doesn't solve jitter issues). Having said that, there is no question whatsoever to me that transports need to do far more than just get the 0's and 1's right.
FWIW - JeffB, from what I understand, the issue with the slewrate/rise-time is not that picosecond jitter differences are audible...but that variations in the slewrate/rise-time (or simply variations in the shape of the squarewave) in an SPDIF interface will cause signal reflections if the SPDIF interface is not truly 75ohms the whole way through; and it is those reflections that cause confusion (and ultimately jitter) at the receiving end of the SPDIF interface.
As to why re-clocking doesn't solve jitter completely, I am at a complete loss. I wish it did solve it...my DAC (Dodson DA-218) has a state-of-the-art FIFO buffer and re-clocking design, yet the differences between various transports is audible even to my wife (who is the biggest skeptic of audio tweaks I know)...