Oh yeah for PCM it's CD quality on everything and capable of 24bit/96khz on most hardware made in the past decade (I think there's some high end stuff that does 24bit/192khz, but funnily enough I imagine you need a somewhat higher grade than typical cable for that, since most are made of super cheap plastic fibre, which is usually fine)

You can also send bitstream over it for most pre Blu-ray multichannel formats if you have a compatible receiver