You can distort a digital waveform to the point where a 1 is read as a 0... if you get a perfect read of the disc then sure. But for uncompressed audio, a couple of bits being off here and there won't make much of a difference for most uses. (I'd bet high-speed ripping amplifies this problem)

Of course it's not 'bitperfect' at that point but then thats why EAC does so many retries.