Ok, so I just found a great reference DVD for the difference between Dolby and DTS.

I have been watching the new remastered DVD of U2: Live at Red Rocks (BTW it is sheer magic!!). I flipped through the three audio options to compare on my Logitech 5.1 speaker sytem and here is what I came up with:

Dolby 5.1 mix is nice and defined but sounds a bit low and kinda tinny.

DTS mix is definitely more detailed and not tinny at all. It is immediately apparent when flipping between the two that the DTs is louder and better defined.

However neither come anywhere close to replicating the definition and clarity of the third option which is a stereo PCM track. On most concert DVDs I find it very hard to be adequately happy with the soundtrack. That is why I usually avoid them. I decided to grab this off the shelf at the library, and I am blown away by this simple but powerful track. I find it much more appealing than both the 5.1 remixes.