That might be so... but it's not all about frequency response and noise floor and stereo separation.
I'm sorry, but analog FM sounds superior to me hands down. The reality is that the codec HD radio uses is... not great at all. It's outdated and very, very lossy.
Low bitrate mp3 files might have more stereo separation, frequency response, etc. than a decent cassette deck, but I'm taking the cassette every. single. time. At least it won't suffer from swishy drum syndrome.
Lets take a look at some specs and compare:
Lossy Compression: And this is where the wheels really come off for HD radio. I mentioned bitrate upstream. 128kbit/s is low. Really low. The compression standard is (as I understand it) similar to AAC. 128kbit/s is going to leave behind a lot of artifacts. Things like snare drums start sounding absolutely awful - swirly-like, reverb trails end up distorted, and all the stereo separation in the world doesn't matter a lot if it ends up distorted. From what I understand, a distorted stereo soundstage is indeed common at 128kbit/s.
If HD radio sounds better than conventional FM, there's no reason at all to use .wav files in station libraries. They ought to just compress 'em down to 128kbit/s AAC files and call it a day. After all, that's what HD listeners are hearing and if regular FM sounds worse...
Sure, analog FM has some issues too - things like pre/deemphasis can cause problems. But the reality is those problems are just not as awful sounding as the artifacts left behind by digital compression. Sometimes it's not just about specs - they don't always paint an accurate picture. Multipath distortion is also an issue with FM. But I don't think there's a lot of debate that analog distortion is more pleasing to the ear than digital distortion...
Oh, and of course, none of this debate even matters if the STL is a lossy piece of crap... or the station uses lossy files on-air like one of the stations in my area does.
And, of course, the other reality is that most people today are just so used to listening to audio that is digitally compressed that they think that Sirius XM sounds good. I mostly exist in an analog world, so that digital compression stands out like a sore thumb to me. It is not pleasing at all.