That too can depend on the film. Take Batman Forever. The PCM mix is great, but lacks the spatial characteristics of the AC3 mix. Both great, but the AC3 is truer to the intent of the film.
The Lion King? Yeah, PCM hands down.
A lot of folks also prefer the PCM track of Top Gun to the AC3 version. I surely don't. I think the AC3 one rocks big time. There's a preservation that is worthy!